Tuesday, March 13, 2007

Icahn Plans $22/Share Tender Offer for WCI Communities (WCI)

This morning, Carl Icahn announced plans to initiate an "any and all" tender offer for the common stock of WCI Communities,Inc. (NYSE: WCI) at $22.00 per share. Ichan said closing of the tender offer will be subject to the redemption of the Company's recently adopted "poison pill"

Icahn stated that, "we believe that the board and CEO of WCI have not enabled the Company to maximize the potential of its unique set of assets which trade at a discount to their GAAP book value."
He also said, "While clearly now is not the right time to sell, in my opinion Mr.Starkey and the current board are not qualified to navigate WCI through the difficult industry conditions that lie ahead."
Icahn concluded that "this tender offer will be in the best interests of all shareholder"

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