Rite Aid Corporation, WCI Communities & Other Stocks in Spotlight Following Earnings, M&A News and More

WCI Communities Inc (NYSE:WCIC) shareholders are pretty happy today after Lennar Corporation (NYSE:LEN) agreed to buy the company for $23.50 per share in cash and stock, representing a 37% premium to WCI’s closing price on September 21. According to the terms, WCI shareholders (on a per share basis) are entitled to receive $11.75 in cash and a fraction of a share of Lennar Class A stock with a value of $11.75 based on the volume weighted average price of Lennar’s Class A stock over the ten trading days preceding the WCI stockholder vote on the merger. Lennar also retains the option of varying the cash and stock percentage, including paying the entire merger amount in cash. Lennar is buying WCI because the company feels that WCI’s “land portfolio dovetails perfectly with [their] own Florida footprint and expands [their] product offering to capture more of the move-up market. [Their] combined presence in the premier coastal Florida markets will drive growth and allow significant cross and dual brand marketing opportunities.”

According to our data, 12 funds had a bullish position in WCI Communities Inc (NYSE:WCIC) at the end of the second quarter. By comparison, 40 investors were long Lennar Corporation (NYSE:LEN) at the end of June.

Sarepta Therapeutics Inc (NASDAQ:SRPT) is making headlines after the biotech, which recently received accelerated FDA approval for Exondys 51 (eteplirsen), a treatment for DMD, announced a proposed public offering of up to $225 million worth of common stock. In addition, Sarepta intends to grant underwriters a 30-day option to purchase an additional 15% of common stock offered in the public offering. The pricing and terms of the offering were not disclosed in the initial press release. The number of funds from our database long Sarepta Therapeutics Inc (NASDAQ:SRPT) went up by one to 20 during the second quarter.

Disclosure: none