John Kourbage

An offer by Icahn and Manhattan-based Macklowe Properties could end Reckson's proposed $4 billion sales to SL Green Realty Corp., which has been strongly opposed by some shareholders.

The Journal said that an investment trust of Icahn and Macklow is readying an offer of $49 in cash, which would top SL Green's cash-and-share of about $44.89.

The Icahn-Macklowe offer might delay a shareholders' vote set for next Wednesday on the SL Green offer.