Carl Icahn And Partner Bid $4.6 Billion for N.Y. REIT Reckson

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Icahn, Macklowe to Bid for Reckson [Wall Street Journal]

Summary: Activist investor Carl Icahn and real-estate firm Macklowe Properties are placing a competing bid of $49 in cash ($4.6 billion) for New York commercial REIT Reckson Associates. Reckson management earlier accepted a $44.89 cash/stock offer from SL Green, but the deal met some stockholder resistance due to alleged conflicts of interest for Reckson Chief Executive Scott Rechler. The offer from Icahn/Macklowe should delay a stockholder vote on the SL Green deal, but SL Green still has 'matching rights' against this move. Icahn's play for Reckson is via a private investment vehicle, not his broader fund.
Related links: Reuters coverage of latest bid • SL Green bid: Newsday, Long Island Business News • More articles on Real Estate and REITS
Potentially impacted stocks and ETFs: Reckson Associates (RA), SL Green (SLG)

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