Pennant Capital invests more in Levitt; reports 19.91% stake in Florida homebuilder

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Levitt Corp. investors led by Pennant Capital Management, LLC bought 17,457,738 shares of the company's stock priced from $2.00 to $3.43 each.

The shares were purchased between Aug. 29 and Oct. 17, according to a schedule 13D filing with the Securities and Exchange Commission.

Pennant now owns 18,948,677 shares or 19.91% of the Fort Lauderdale, Fla., homebuilding and real estate development company.

The reporting persons "reserve the right to be in contact with members of the issuer's management, the members of the issuer's board of directors, other significant shareholders and others regarding alternatives that the issuer could employ to increase shareholder value," the filing stated.

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