Hallwood claims it's not been "formally notified" of a changed offer by Icahn's High River LP. The only proposal on the table, Hallwood says, is the $100 per unit offer tendered May 1 and that still carries a recommendation to reject based on advice from hired adviser, Morgan Stanley. In previous statements, Hallwood labeled the $100 per unit offer as "inadequate" while taking it one step further this time by saying "the partnership strongly urges its unit holders not to take any action with respect to any proposal by High River." In an SEC filing, two large unit holders in recent weeks alleged Hallwood threatened "to deploy a poison pill" if necessary to block the takeover.
The Dallas-based owner of 5.2 million sf in nine office buildings and five industrial parks in six states also said that "if and when High River does make a proposal to acquire the partnership, the board of directors of Hallwood Realty LLC, the general partner of the partnership, consistent with its fiduciary duty to all unit holders of the partnership, will review the proposal and make a recommendation with respect to the proposal in due course." For previous story, click here.
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