Goodwin represented Lennar Corporation (NYSE: LEN and LEN.B) in its announced definitive merger agreement with WCI Communities, Inc. (NYSE: WCIC) under which Lennar will acquire all of the outstanding shares of WCI Communities’ common stock in a cash and stock transaction valued at $23.50 per WCI share, representing a 37% premium to WCI's closing stock price on September 21, 2016. The transaction gives WCI a total equity value of approximately $643 million and an enterprise value of $809 million.
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.
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.
The Goodwin team advising Lennar was led by counsel David Bernstein (Real Estate Industry) with assistance from partner Eric Willenbacher (Tax), associate Todd Pollock, and law clerks Tobias Schad and Yvonne Elosiebo.
For more information on the transaction, please view the joint press release.