WCI Communities again seeks shareholder support for current board, sale process

By Lisa Kerner

Charlotte, N.C., May 16 - WCI Communities, Inc.'s president and chief executive officer Jerry L. Starkey and chairman Don E. Ackerman once again reached out to company shareholders in hopes of garnering support for ongoing efforts to sell the company for the highest possible price. Re-election of the current board of directors at the annual meeting on June 15 is one way to ensure a fair price for the company, according to WCI's leadership.

"While it is still early in this process, your board continues to believe that a superior alternative to Carl Icahn's offer could emerge that would provide you and all shareholders with greater value than $22 per share," according to an open letter to shareholders included in a company news release.

"Carl Icahn has offered no plan to refinance certain of your company's outstanding indebtedness that could come due and payable as a result of his tender offer and proxy contest and no plan to deal with those shareholders who choose not to tender their shares at $22 per share, who, as a result, may end up with an illiquid security."

Starkey and Ackerman said the board is committed to making sure that the sale process "is fair, transparent and designed to get the best possible price" for WCI shares. The pair sent a similar letter to shareholders on May 11, stating that the current directors "are best suited to deliver value and navigate the challenging housing and real estate market."

WCI is a Bonita Springs, Fla., builder of master-planned lifestyle communities.

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