Icahn Affiliates to Make Tender Offer to WCI

High River Limited Partnership and entities managed by Icahn Management LP, intend to initiate an "any and all" tender offer, not subject to any minimum condition, for the common stock of WCI Communities Inc. at $22 per share.The tender offer will not be subject to due diligence or financing. "We believe that the board and CEO of WCI have not enabled the company to maximize the potential of its unique set of assets, which trade at a discount to their GAAP book value," said Mr. Icahn. "If elected, we expect our slate, in a manner consistent with their fiduciary duties, to ensure these unique assets are properly marshaled through the current residential housing industry downturn." WCI's board and chief executive officer have stated emphatically, and more than once, that now is not the time to sell the company.