Icahn makes WCI board agreement
From Times wire services
WCI Communities Inc., the condominium developer that put itself up for sale, reached agreement on a new board with billionaire investor Carl Icahn, its biggest shareholder.
Icahn will nominate three candidates including himself, the Bonita Springs, Fla.-based company said. WCI and Icahn also will nominate candidates from Sandell Asset Management and S.A.C. Capital Advisors. The settlement ends Icahn’s effort to oust the board and Chairman Don Ackerman.
Icahn “has now taken over the company, effectively,” said Vicki Bryan, an analyst at Gimme Credit.
