WCI Communities to consider Carl Icahn's unsolicited tender offer of $22.00 per share

By Lisa Kerner

Charlotte, N.C., March 23 - WCI Communities, Inc. responded Friday to Carl Icahn's announcement that he began an unsolicited tender offer to acquire any and all of WCI's outstanding common stock for $22.00 per share.

The company said its board will review and consider Icahn's offer with WCI's management and with its legal and financial advisers.

A formal recommendation will be made to WCI's shareholders on or before April 5, according to a company news release.

Icahn's tender offer is slated to end at midnight, ET on May 18, unless extended. The offer is conditioned in part on removal of the "poison pill" adopted by the board and certain other conditions.

The tender offer was announced on March 13.

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

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