Reckson Confirms Icahn Proposal

The REIT delays a shareholder meeting to vote on its planned acquisition by SL Green.
Publish date:

Updated from 9:42 a.m. EST

Reckson Associates

(RA) - Get Report

postponed its shareholder meeting to vote on its planned merger with

SL Green

(SLG) - Get Report

because of a rival buyout proposal from financier Carl Icahn and real estate firm Macklowe Properties.

Reckson confirmed Monday that it received a letter from Icahn and Macklowe offering $49 a share for the company. Over the summer, the New York real estate investment trust agreed to be acquired by SL Green in a cash and stock deal valued at $45 a share.

Icahn and Macklowe, however, haven't made a binding proposal to acquire Reckson, and the company continues to remain subject to its binding agreement with SL Green. Reckson said that Icahn and Macklowe expect to deliver a definitive binding proposal, along with commitments from lenders, by Dec. 4.

The Reckson shareholder meeting, which had been scheduled for Tuesday, has been moved to Dec. 6. The REIT said that its board has reaffirmed its support for the SL Green deal.

As of Friday, Macklowe and Icahn's parternship owned more than 5% of Reckson's stock, according to a

Securities and Exchange Commission