Icahn partnership prepares $4.6B NYC real estate counter-bid
16.11.2006 12:15
NEW YORK (Reuters) -- Investor Carl Icahn and New York real estate firm Macklowe Properties are preparing a $4.6 billion bid for (), the Wall Street Journal reported on Thursday.
The offer could spoil Reckson's takeover deal with ().
Icahn and Macklowe are set to offer $49 in cash for each share of Reckson, the Journal reported. Reckson is one of the largest commercial real-estate holders in the New York metropolitan area, which owns a group of well-known office towers in Manhattan.
Icahn and Macklowe were not immediately available for comment.
The offer would top a previous deal between Reckson and SL Green, in which SL Green offered about $44.89 - $31.68 in cash and about $13.21 of its own shares for each share of Reckson - valued at $4.13 billion in total. The company also has about $2 billion in debt that would be assumed by a buyer.
The Icahn-Macklowe offer represents about a 9 percent premium to the SL Green deal. That deal was announced on Aug. 3 and soon after attracted shareholder resistance.
Reckson could not immediately be reached for comment.
Macklowe is an owner, developer and manager of luxury apartments for rent and commercial office space.
