WCI Communities Ends Efforts To Sell
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BONITA SPRINGS, Fla. — Struggling homebuilder WCI Communities Inc. said yesterday it is terminating efforts to sell the company and has unanimously elected its most visible former suitor, billionaire Carl Icahn, as chairman of its board. “Despite the rough road ahead, I believe in the long-term value of the company and view the WCI platform as a unique vehicle to take advantage of the current market disarray,” Mr. Icahn said. He launched an aggressive campaign to take control of the company’s board in April after shareholders rejected his offer of $22 a share. Last week, shareholders approved a compromise that settled the dispute. WCI nominated Don E. Ackerman, Charles E. Cobb Jr., Hilliard M. Eure III, Mr. Icahn, and Icahn Group candidates Keith Meister and David Schechter to the board.
