Mack-Cali Pulls Out of Reckson Takeover Group

Mack-Cali's (CLI Quote) partnership with investor Carl Icahn and real estate developer Harry Macklowe has proved short-lived.

Less than a week after joining the two men in their attempt to take over Reckson Associates (RA Quote), Mack-Cali is pulling out of the group.

Reckson disclosed the development Saturday evening in a press release. It also said Mack-Cali had informed it that it will not invest $400 million in the Icahn-Macklowe partnership, which is called Rome Acquisition.

Reckson also said it has yet to receive information from Rome regarding the partnership's debt financing arrangementÂ’s and also hasnÂ’t received a firm proposal from Rome. ...