SL Green to declare special dividend |
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Tue, 16 Jan 2007 23:29
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NEW YORK (AFX) - SL Green Realty Corp. said Tuesday that it still expects its acquisition of fellow real-estate investment trust Reckson Associates Realty Corp. to close on or about Jan. 25.In connection with the closing, Reckson plans to declare a special dividend of about $25 million, or 29 cents cash per share. The record date of the special dividend is Jan. 24, the company said.Under the acquisition agreement, Reckson shareholders will receive for each share of Reckson common stock, 0.10387 of a share of SL Green common stock, $31.68 in cash, and an amount in cash equal to an adjusted pro rata dividend, in addition to the special dividend.If the closing occurs on Jan. 25, the amount of the adjusted pro rata dividend will be 9.77 cents per share, SL Green said.SL Green shares closed up $1.34 at $139.60, while Reckson shares finished up 24 cents at $46.49, both on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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