Search
 

ISS Suggests Reckson Shareholders Go for Merger

NEW YORK CITY-The advisory service encourages shareholder to vote in favor of the merger, saying the company's value is not likely to find a better value.

By Katie Hinderer | Updated on November 10, 2006

NEW YORK CITY-Following less than two weeks after a Reckson shareholder addressed a letter to the company expressing concern for the potential merger with SL Green, Institutional Shareholder Services has recommended that shareholders approve the merger. Shareholders will vote on Nov. 22 in a special meeting.

The independent proxy advisory service, stated in its report about the merger, “On balance, we believe that this transaction warrants shareholder support.” The report was issued yesterday. Additionally, ISS said that should shareholders vote against the bid, Reckson is unlikely that the company’s share price would trade at levels comparable to the merger’s.

“We are pleased that, after a thorough analysis, ISS is recommending that Reckson shareholders vote to support the company’s combination with SL Green,” Scott Rechler, CEO of Reckson, said in a statement. “We fully agree with ISS that this transaction warrants shareholder support and urge Reckson shareholders to vote ‘for’ the proposed SL Green merger promptly.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.