Reckson Reports New Merger Proposal

Reckson Associates has received a new merger proposal from a partnership formed by Harry Macklowe and Carl Icahn to acquire the New York-based office real estate investment trust for $49 per share in cash.Reckson reported that its board is reviewing the proposal to determine how best to proceed in considering the previous merger agreement with SL Green Realty, another New York office REIT. Reckson shareholders are scheduled to meet Nov. 22 to vote on the SL Green merger proposal, under which SL Green is proposing to acquire Reckson for about $6 billion, including the payment of $43.31 per Reckson common share. SL Green is disposing of about $2 billion of the Reckson assets to a group led by Reckson management, and this deal is being questioned by some shareholders. Reckson is required to pay SL Green a breakup fee if it does not go through with the merger. Reckson can be found on the Web at http://www.reckson.com.