WCI Directors Advise Against $956M Icahn Bid

WCI Communities Inc. directors recommended shareholders reject billionaire Carl Icahn's $955.9 million tender offer for the Florida single-family and condominium homebuilder, saying the offer was "inadequate."

Mr. Icahn said on March 13 he was offering $22 a share for WCI, after announcing he wanted to oust the board of the builder because its stock was undervalued. Bonita Springs, Fla.-based WCI disclosed the decision in a filing with the U.S. Securities and Exchange Commission yesterday. WCI also has been exploring a possible sale of the company as its business, which is concentrated in Florida, has deteriorated amid the worst slump in American housing demand in 15 years.