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Strategies & Market Trends : Contrarian Investing

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From: pcyhuang	8/23/2007 4:24:09 AM
	of 4080

WCI -- SAC Capital's Interest SAC Capital Advisors LLC has received clearance from the Federal Trade Commission to enter into a transaction with WCI Communities Inc. (WCI), the Florida home builder in which it owns 4 million shares. The FTC granted early termination on Thursday of the waiting period required under the Hart-Scott-Rodino antitrust law. The nature of the transaction wasn't disclosed by the FTC, but approvals under the HSR law are typically given for acquisitions of stock or assets greater than $50 million. SAC Capital, a hedge fund run by billionaire investor Steven. A. Cohen, reported owning 4 million shares of WCI Communities as of June 30. WCI is currently exploring strategic alternatives, including a possible sale. Its shares traded Friday morning at $8.20, up more than 15%. The 1976 Hart-Scott-Rodino law requires under certain circumstances that prospective acquirers of voting securities or assets apply for clearance from U.S. regulators. Requests for early termination or clearance are granted when the FTC and the Justice Department's antitrust division have decided against taking action during the waiting period. Full Story: online.wsj.com

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