SL Green Realty closes Reckson buyout |
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Fri, 26 Jan 2007 02:35
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NEW YORK (AFX) - SL Green Realty Corp., a real-estate investment trust focused on Manhattan, said on Thursday it completed a takeover bid of Reckson Associates Realty Corp. for $6 billion.Under the deal, each share of Reckson stock has been converted to roughly $31.68 in cash. Each shareholder will receive a prorated dividend equal to 9.77 cents in cash and 0.10387 per share of SL Green stock.SL Green has assumed debt roughly of $526.1 million including mortgage and convertible debt, plus an additional $967.9 million of Reckson's unsecured notes.The deal gives SL Green interests in six office buildings throughout New York City, as well as commercial office space in Westchester and Connecticut.Shares of Reckson gained 11 cents to finish at $47.21 on the New York Stock Exchange. SL Green shares added 73 cents to $146.43 on the Big Board.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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SL Green to declare special dividend 