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Reckson Associates Realty

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BUSINESS
July 10, 1998 | Bloomberg News
Billionaire investor Richard Rainwater's Crescent Real Estate Equities Co. and Reckson Associates Realty Corp. agreed to buy Tower Realty Trust for $734 million in cash and assumed debt, giving each an entree into the hot New York office market. Crescent and Reckson will pay $445 million in cash, or $24 a share, and assume about $289 million of debt. Tower shareholders have the option of swapping each share for 0.4615 Reckson share and 0.3523 Crescent share.
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BUSINESS
July 10, 1998 | Bloomberg News
Billionaire investor Richard Rainwater's Crescent Real Estate Equities Co. and Reckson Associates Realty Corp. agreed to buy Tower Realty Trust for $734 million in cash and assumed debt, giving each an entree into the hot New York office market. Crescent and Reckson will pay $445 million in cash, or $24 a share, and assume about $289 million of debt. Tower shareholders have the option of swapping each share for 0.4615 Reckson share and 0.3523 Crescent share.
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BUSINESS
December 8, 2006 | From Reuters
Reckson Associates Realty Corp. shareholders approved a nearly $4-billion takeover by New York-based SL Green Realty Corp., but billionaire investor Carl Icahn, who had made his own Reckson bid, hinted he would not abandon his fight for some office buildings included in the deal. The vote followed two days of haggling and inconclusive ballot counting for Uniondale, N.Y.-based Reckson, as well as last-minute maneuvering by Icahn and Manhattan developer and office owner Harry Macklowe.
NEWS
November 3, 1998 | Reuters
Tower Realty Trust Inc. said it intends to sue Crescent Real Estate Equities Co. and Reckson Associates Realty Trust Inc. for canceling their $734-million purchase of the company. Crescent and Reckson, two aggressive real estate investment trusts said in July that they would buy Tower and enter into the New York City real estate market, maintained that they were still interested in the office real estate firm as long as Tower abided by terms of the July 9 agreement.
BUSINESS
December 5, 2006 | From the Associated Press
Billionaire financier Carl Icahn outlined a new, $4.3-billion bid for Reckson Associates Realty Corp. on Monday, this time on his own after two partners withdrew over the weekend. Icahn said in a letter that he would submit a formal proposal to Reckson by today. On Wednesday, shareholders are scheduled to complete a vote on a rival bid from SL Green Realty Corp. Reckson's board has recommended accepting the SL Green proposal. The vote had been postponed, to Nov. 28 from Nov.
BUSINESS
June 28, 2001 | From Bloomberg News
Is the REIT rally overbuilt? A rally in the shares of real estate companies, which pushed the Morgan Stanley REIT index 19% higher in the last year, might have run its course, some analysts and investors are saying. The index, a benchmark for the real estate investment trust industry, is just shy of 400 and is unlikely to go much higher, they said, because share prices are near or above the value of the apartments, offices, shopping malls and other property owned by the trusts.
BUSINESS
November 5, 1998 | From Times Wire Services
Cendant Corp. said its third-quarter profit rose 19% on higher revenue from Ramada hotels and other travel-related businesses and from its real estate businesses, including Coldwell Banker and Century 21. The company said earnings for the quarter rose to $203.9 million, or 24 cents a share, a penny higher than analysts expected, as revenue rose 23% to $1.46 billion. Cendant, created by the merger of HFS Inc.
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