Reckson Drama Grows: Icahn Loses Partners Macklowe, Mack-Cali

Includes: RA-OLD, SLG
by: Mick Weinstein

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Macklowe leaves Icahn alone on Reckson bid [Reuters]

Summary: Carl Icahn's two main partners for an attempted buyout of Reckson Associates backed out of the deal over the weekend -- Mack-Cali withdrew on Saturday and Harry Macklowe, who originally proposed the deal to Icahn, on Sunday. A Reckson spokesman claims that Mr. Icahn may pursue the $49-per-share cash bid on his own. Icahn and Macklowe had formed Rome Acquisition L.P. to buyout Reckson, and were to submit a formal bid today. Independent directors at Reckson previously accepted a cash/stock bid from SL Green that is currently worth $45.70 a share.
Related links: Media coverage: WSJ, Bloomberg . Commentary: Reckson Realty: The Real Story. More articles on Real Estate and REITS and on Mergers & Acquisitions
Potentially impacted stocks: Reckson Associates (NYSE:RA-OLD), SL Green (NYSE:SLG), Mack-Cali (NYSE:CLI)

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