That leaves Carl Icahn standing alone in the attempt to counter Green. But even that obstacle to Green's plans may change. Icahn has informed Reckson that he may deliver a revised proposal. The Macklowe/Icahn bid was valued at $4.6 billion.
As GlobeSt.com reported previously, SL Green has the ability to match another buyer's bid, according to the merger agreement. But according to analyst Ross Nussbaum with Bank of America, "SL Green has previously been a disciplined buyer. Putting a higher number on the table would impact management credibility in our view." Should the deal fall through, SL Green would receive a $100-million break-up fee plus up to $13 million in reimbursement of expenses.
Speculation in a Wall Street Journal report this morning indicates that Mack-Cali's withdrawal might be the result of CEO Mitch Hersh's determination that bids were too high.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
