WCI Communities, Inc. (NYSE:WCIC), a lifestyle community developer and luxury homebuilder, today announced the expiration of the 35-day “go-shop” period under the merger agreement between WCI and Lennar Corporation (NYSE:LEN and LEN.B) that was previously announced on September 22, 2016. During the go-shop period, the WCI Board—with the assistance of financial and legal advisors—actively solicited alternative acquisition proposals. Nevertheless, the WCI Board did not receive any superior proposals during the go-shop period.
WCI’s Board of Directors has unanimously approved the merger agreement, under which Lennar has agreed to acquire all of the outstanding shares of WCI common stock in a cash and stock transaction valued at $23.50 per share of WCI common stock. This represents an approximate 37 percent premium to WCI’s closing share price on September 21, 2016, the last trading day prior to announcement of the merger.
Starting at 12:00 am eastern time on October 27, 2016, WCI became subject to customary “no shop” provisions that limit its and its representatives’ ability to solicit alternative acquisition proposals from third parties or to provide confidential information to third parties, subject to customary “fiduciary out” provisions.
WCI will file with the Securities and Exchange Commission proxy materials related to a special meeting of WCI’s common stockholders to vote on the merger agreement. It is anticipated that the special meeting will be held in December 2016 or January 2017, and, if the merger agreement is approved, the merger would be expected to close shortly thereafter.
About WCI Communities
WCI Communities is a lifestyle community developer and luxury homebuilder of single- and multi-family homes, including luxury high-rise tower units, in most of coastal Florida’s highest growth and largest markets. With a legacy that spans more than 60 years, WCI Communities has an established expertise in developing amenity-rich, lifestyle-oriented master-planned communities, catering to move-up, active adult and second-home buyers. Headquartered in Bonita Springs, Florida, WCI Communities is a fully integrated homebuilder and developer with complementary real estate brokerage and title services businesses.
To learn more about WCI, please visit the Company’s website at www.WCICommunities.com.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation’s largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about the Company may be obtained at the “Investor Relations” section of the Company’s website, www.lennar.com.