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NEW YORK CITY-Reckson Associates Realty Corp. is now actively looking at the merger proposal submitted by Rome Acquisition Limited Partnership, a combination of developer Carl Icahn and Macklowe Properties, according to a statement released yesterday evening. The new proposal offers Reckson $49 per share in cash, a total that exceeds the current proposed merger with SL Green Realty Corp.

While Reckson has agreed to look at the new proposal, a vote of the company’s independent board of directors “reaffirmed its recommendation of Reckson’s pending merger with SL Green,” and for now the shareholder meeting will remain on Nov. 22.

In the letter addressed to Reckson with its merger proposal, Rome said its offer “provides Reckson shareholders and unitholders with value that is superior to the pending transaction with SL Green.” The company went on to say that it is “in a position to consummate this transaction expeditiously.” Rome asks for 10 business days to complete due diligence and an acquisition agreement, noting that the time period is reasonable considering the transaction with SL Green is not expected to close before January.

Reckson stated yesterday it plans to move quickly on the offer and Rome said, “we anticipate no delay in negotiating a definitive acquisition agreement because following completion of the short diligence period, we are willing to sign an agreement substantially in the same form as Reckson’s merger agreement with SL Green.” The letter goes on to say, “We would not require any financing condition in the definitive acquisition agreement.”

Yesterday, as reported by GlobeSt.com SL Green said it doubts the credibility of the new offer. The company pointed to a number of factors Rome may not have considered including the incremental cost of the transaction and the fact that the new bidder does not have committed financing.

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