WCI Communities Inc., a Florida home builder that has lost more than half its market value this year, said its board elected billionaire investor Carl Icahn as chairman and abandoned plans to sell the company.
The Bonita Springs, Fla., company said it made the decision on the sale after failing to receive any bids. WCI said it would continue to explore alternatives including a rights offering.
"Despite the rough road ahead, I believe in the long-term value of the company and view the WCI platform as a unique vehicle to take advantage of the current market disarray," Icahn said in a statement.
Icahn, WCI's largest shareholder, succeeds Don Ackerman as chairman.
Icahn and two allies were elected to WCI's board Aug. 30, ending a dispute between the financier and WCI executives over his effort to oust the board in February and to buy WCI for $22 a share in March.
Shares of WCI fell 34 cents Thursday, or 3.8%, to $8.66.