No bidding war for Reckson Associates Realty Corp.

Long Island Business News, Nov 30, 2006 by David Reich-Hale

SL Green Realty Corp. said it could still amend its bid for Reckson Associates Realty Corp., but doesn't expect to immediately match the price offered in a hostile bid led by Carl C. Icahn, SL Green stated in a Securities and Exchange Commission filing.

Icahn, along with developer Harry Macklowe, offered $4.6 billion to take control of Reckson two weeks ago. That bid was joined by Edison, N.J.-based Mack-Cali Corp. on Wednesday.

SL Green, a New York real estate investment trust, told the Wall Street Journal that it wouldn't get in a bidding war over Reckson.

Reckson officials couldn't be reached for comment.

But Reckson lead director Peter Quick did send a letter to Icahn on Thursday, once again asking for more details regarding his group's bid.

Separately, SL Green is issuing about $500 million in new equity today. The company told the publication that the cash could be used for a number of purposes, including the Reckson deal.

SL Green agreed to buy Reckson in August for $43.31 a share, or about $4 billion in stock and cash. The suburban portfolio was then to be sold back to a team of investors led by Scott Rechler, Reckson's chief executive.