New Reckson Bid Raises Questions

Updated from 9:44 a.m. EST

Reckson Associates(RA Quote) received a newly shaped bid from Carl Icahn after Mack-Cali(CLI Quote) and Macklowe Properties backed out of a partnership with the financier over the weekend.

The structure of the deal, however, differs sharply from Icahn's previously proposed bid and raises doubts about whether it would ever be accepted by Reckson shareholders or the company's board.

In his new proposal, Icahn offered to buy office landlord Reckson through American Real Estate Partners(ACP Quote), a public company that is 90%-owned by Icahn and owns commercial real estate and casino assets. ...