In the wake of the expiration Friday of investor Carl Icahn's $22 per share tender offer for WCI Communities, the company today (May 21) said it remained on the block and advised its shareholders to vote against a board slate being recommended by Icahn.

In a prepared statement, the company said, "The WCI Board will continue to move forward with the sale process, a process that is open to all potential buyers, including Carl Icahn, and designed to maximize shareholder value. The company urges shareholders to vote the WHITE proxy card to re-elect the current Board of Directors who will continue to oversee a fair and transparent sale process."

WCI shares closed at $19.80, down nearly 3% in heavy trading on May 21.