WCI Communities says Carl Icahn now a bidder for the company

By Lisa Kerner

Charlotte, N.C., June 6 - WCI Communities, Inc. said a Carl Icahn affiliate has signed a confidentiality agreement and has entered WCI's sales process as a bidder. No other details were provided in the company's news release.

On May 31, Icahn asked WCI's board of directors to postpone the company's June 15 annual meeting for 30 days so that WCI could complete its sale process. Icahn was interested in an opportunity for due diligence in order to become a bidder for the company, according to a schedule 13D filing with the Securities and Exchange Commission.

Icahn's $22-per-share cash tender offer for WCI's stock expired on May 18, with none of the approximately 10.8 million shares tendered being purchased by his affiliates because WCI failed to redeem the poison pill, a prior news release stated. The tender offer was announced on March 13.

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

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