Reckson Sticks With SL Green

Reckson Associates(RA Quote) rejected a buyout bid from financier Carl Icahn, instead choosing to proceed with its planned deal with SL Green(SLG Quote).

Reckson said Tuesday that its board determined that the proposal from Icahn's American Real Estate Partners(ACP Quote) raised "significant financial and legal issues."

Icahn offered to buy the office landlord using $1 billion of cash and $3.3 billion in a new class of preferred ACP stock. That proposal came after Icahn's partners Mack-Cali (CLI Quote) and Macklowe Properties dropped out of an all-cash bid over the weekend. ...