Will we see more of Carl Icahn in Vero Beach?
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By Nadia Vanderhoof
Posted at 11:02 AM on July 11, 2007
Should Bonita Springs-based WCI Communities Inc. have sold to Carl Icahn?
Maybe.
According to a story in today's Wall Street Journal, WCI's stock price continues to drop and several analysts are now saying luxury homebuilder WCI should have sold to billionaire investor Carl Icahn back when he made his initial offer in March.
On June 6, Icahn made a second attempt to buy WCI (which has residential projects in Indian River and Palm Beach counties). At the time, the company said that one of Icahn's affiliates entered into the bidding process just six weeks after WCI shareholders rejected his unsolicited $921 million offer made in March.
Later that month Icahn succeeded when he asked shareholders of WCI not to vote at or attend the company's annual stockholders' meeting. It was postponed and now its annual meeting of shareholders is set for Aug. 30.
From the looks of it to me, seems like Icahn may soon be the owner of WCI Communities -- meaning more land for him in Vero Beach. WCI owns the massive 112-acre Bristol Bay project on the southeast corner of County Road 510 and U.S 1. They purchased the land for $30 million back in Aug. 2005 with much fanfare.
Icahn's holding firm, Bayswater Development,a subsidiary of New York-based American Real Estate Partners, bought the luxury communities Grand Harbor and Oak Harbor in Vero Beach for $75 million in 2004. He is ranked 53rd on Forbes 2006 World's Richest People list.
Posted at 11:02 AM on July 11, 2007
Should Bonita Springs-based WCI Communities Inc. have sold to Carl Icahn?
Maybe.
According to a story in today's Wall Street Journal, WCI's stock price continues to drop and several analysts are now saying luxury homebuilder WCI should have sold to billionaire investor Carl Icahn back when he made his initial offer in March.
On June 6, Icahn made a second attempt to buy WCI (which has residential projects in Indian River and Palm Beach counties). At the time, the company said that one of Icahn's affiliates entered into the bidding process just six weeks after WCI shareholders rejected his unsolicited $921 million offer made in March.
Later that month Icahn succeeded when he asked shareholders of WCI not to vote at or attend the company's annual stockholders' meeting. It was postponed and now its annual meeting of shareholders is set for Aug. 30.
From the looks of it to me, seems like Icahn may soon be the owner of WCI Communities -- meaning more land for him in Vero Beach. WCI owns the massive 112-acre Bristol Bay project on the southeast corner of County Road 510 and U.S 1. They purchased the land for $30 million back in Aug. 2005 with much fanfare.
Icahn's holding firm, Bayswater Development,a subsidiary of New York-based American Real Estate Partners, bought the luxury communities Grand Harbor and Oak Harbor in Vero Beach for $75 million in 2004. He is ranked 53rd on Forbes 2006 World's Richest People list.
