Icahn bids for Florida’s WCI Communities

Billionaire investor Carl Icahn bid $955.9 million for WCI Communities Inc. after saying he wanted to oust the board of the Florida condominium and single-family home builder because the stock was undervalued.

The shares jumped $2.83, or 15%, to $21.80, the biggest gain since July 2002 and about 1% below Icahn’s bid of $22 a share. Before Tuesday, WCI shares had fallen 29% in the last year and profit had dropped in three of the last four quarters as weakness in the Florida housing market sapped demand.