Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Icahn Group Raises Stake in Battle for Reckson [New York Times/Bloomberg]
Summary: According to an SEC filing, a group headed by Carl Icahn and Harry Macklowe accumulated 8% of Reckson stock in mid-November. Icahn and his affiliates recently offered $4.26 billion cash to take over entirely the New York REIT, exceeding a $3.8 billion cash/stock offer by SL Green previously accepted by Reckson. While Icahn and Macklowe are submitting a formal financing proposal, Reckson has postponed until Dec. 8 its shareholder vote on the SL Green offer. Should Reckson decide not to sell itself to SL Green, it is entitled to a $99.8 million breakup fee plus expenses.
Related links: Reckson SEC filings • Media coverage: Wall St. Journal , Bloomberg . Commentary: Reckson Realty: The Real Story . More articles on Real Estate and REITS
Potentially impacted stocks: Reckson Associates (NYSE:RA-OLD), SL Green (NYSE:SLG)
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