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WCI Communities' (WCI) announced that its Board of Directors has unanimously concluded that the unsolicited tender offer by entities controlled by Carl Icahn to purchase any and all outstanding shares of WCI's common stock is highly conditional, opportunistic and inadequate from a financial point of view to the Company's shareholders. The Board unanimously recommends that shareholders not tender their shares pursuant to the tender offer.

Carl Icahn's offer for WCI Communities was $22 per share.

This may get a little uglier.

Source: WCI Communities' Board of Directors Rejects Icahn's Offer