Thursday, November 30, 2006

SL Green (SLG) Considers Raising Bid for Reckson (RA), But May Not Top Icahn/Macklowe Offer

Wall Street investors are looking at current filings from SL Green (NYSE: SLG) as a possibility that the company may raise its bid to acquire Reckson (NYSE: RA), but might not match the Icahn/Macklowe bid of $49 per share.

Recently, Carl Icahn and Harry Macklowe offered to acquire Reckson for $49 per share. In addition, Mack-Cali Realty (NYSE: CLI) has reportedly joined the Icahn/Macklowe group in their bid for Reckson.

(SL Green's current offer is: Upon consummation of the merger, each outstanding share of common stock of Reckson will be converted into the right to receive $31.68 in cash, an amount in cash equal to an adjusted prorated dividend and 0.10387 of a share of SL Green common stock without interest and less any required tax withholding, for total merger consideration of $43.31 per share of Reckson common stock, based on the closing price per share of SL Green's common stock of $112.00 on August 2, 2006)

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