S.A.C Capital ups stake in WCI Communities to 9.5%, reviews Icahn offer

By Lisa Kerner

Charlotte, N.C., March 20 - WCI Communities, Inc. investors led by S.A.C Capital Advisors, LLC bought 485,800 shares of the company's stock between Jan. 19 and March 19 priced from $19.62 to $22.73 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

S.A.C Capital originally acquired shares for investment purposes, believing them to be undervalued.

Since then, S.A.C Capital has reviewed information regarding the potential proxy contest and unsolicited tender offer by Icahn Partners LP and others. The investors may enter into discussions with WCI Communities as a result.

The reporting persons beneficially own 4 million shares, or 9.5%, of the Bonita Springs, Fla.-based lifestyle communities development company's stock.

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