It appears that the still-suffering home-building market has thrown cold water, or at least caution, onto the "several companies" once said to be interested in buying the faltering WCI Communities.
The company has not received any definitive proposals from any of them to date, WCI reported Wednesday (July 26). "Deteriorating conditions and uncertainty in the home building and debt markets have made the sale process more challenging," it said. "The Board intends to continue the sale process and also will explore other potential strategic and financial alternatives, including asset sales, strategic partnerships, minority investments, and recapitalization transactions to enhance shareholder value. No assurances can be given, however, that it will be successful in consummating any sale or other transaction."
No mention was made in the company release of the WCI's best known suitor, billionaire investor Carl Icahn, who tendered an offer to buy all shares for $22 last spring when it was trading for slightly less than that, then let his offer expire.
Since, the company's stock price has plunged, falling more than $2 a share and 20% on Thursday (July 27) alone, to under $9 a share at noon.