On Friday, 14.6% holder Carl Icahn delivered a letter to WCI Communities Inc. (WCI), notifying the company of his intent to appear at the 2007 annual meeting to nominate and seek to elect individuals as members of the board of directors.
Icahn filed to nominate 10 directors, including himself, to the WCI board.
In response to Ichan's letter, WCI said Ichan's plan was not in the best interest of all shareholders. Don E. Ackerman, Chairman of the Board of WCI, stated, "The Board believes that Mr. Icahn's plan to run a hand-picked slate of directors to further his personal objectives would be highly disruptive to our company and not in the best interests of all our shareholders. The Board is committed to maximizing value for our shareholders by following processes that will not favor any specific shareholder in the purchase or sale of the company's shares or assets."
Also on Friday, 6.7% holder Icahn delivered a letter to Temple-Inland (NYSE:TIN), notifying the company of his intent to appear at the 2007 annual meeting, in person or by proxy, to nominate and seek to elect individuals as members of the board of directors.
Icahn filed to nominate 4 directors to the TIN board: Jose Maria Alapont, Ambassador John R. Bolton, Keith A. Meister, James J. Unger.
In his original 13D filing, Icahn said the stock is undervalued due to the conglomerate structure of the company. Icahn said he plans to recommend a divestiture or spin-off of one or more of the Company's component businesses.