The SL Green bid includes about $44.89 to $31.68 in cash per share as well as $13.21 of SL Green shares for each Reckson one. The total value is $4.13 billion. SL Green would also pick up about $2 billion of Reckson debt. The deal was first reported by GlobeSt.com in August.
The Icahn/Macklowe offer is certainly new to the table, since Reckson sent a letter to shareholders on Nov. 14 encouraging them to vote in favor of the merger with SL Green as it was the best bid the company received.
Ross Nussbaum, an analyst with Bank of America, said in a statement that the Icahn/Macklowe offer would represent a 10% premium to his $45 NAV estimate. Previously, Nussbaum said Reckson was leaving up to $2 per share on the table, but expected the deal to be approved by shareholders providing no other offer was made.
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