St. Joe Company Throwing In The Towel?

[Kurt]

Does this mean, "For Sale, Now's The Time To Buy?"

Press Release from Joe:


WaterSound, FL - February 8, 2011 - The St. Joe Company (NYSE:JOE) today announced that its Board of Directors has unanimously decided to explore financial and strategic alternatives to enhance shareholder value.



The Board intends to consider the full range of available options including a revised business plan, operating partnerships, joint ventures, strategic alliances, asset sales, strategic acquisitions and a merger or sale of the Company.



The Board of Directors has retained Morgan Stanley & Co. Incorporated to assist it in the evaluation of these alternatives. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction.



Britt Greene, St. Joe's President and CEO, said, "We have engaged Morgan Stanley to undertake a comprehensive and thorough review of all available alternatives, and our Board and management are committed to taking the appropriate and necessary actions to enhance value for St. Joe shareholders."

 

[NotDeadYet]

Where's Shelley?

 

[Danny Burns]

Whoa! And I always thought they had the deepest pockets in the area. I guess all that land isn't worth what it once was.

 

[30ashopper]

Sure didn't hurt their stock, up 9% in after hours. Investors liked the idea.

 

[Beach Runner]

Well, Watersound West hasn't helped them any. If they'd replace that arduously long beach walkover (incredibly hot in the summer) with a golf-cart-friendly walkover, that 'hood would be hot in a good way, in my humble opinion.

 

[Beach Bimmer]

Does this mean, "For Sale, Now's The Time To Buy?"

Press Release from Joe:

WaterSound, FL - February 8, 2011 - The St. Joe Company (NYSE:JOE) today announced that its Board of Directors has unanimously decided to explore financial and strategic alternatives to enhance shareholder value.

The Board intends to consider the full range of available options including a revised business plan, operating partnerships, joint ventures, strategic alliances, asset sales, strategic acquisitions and a merger or sale of the Company.

...and the late Ed Ball rolled over in his grave and said "Just can't believe they're going across the creek after all those acres, all that slash pine, all those years"...

 

[Miss Kitty]

looking for a buyer.

 

[beachmouse]

St. Joe Co. considering sale | considering, fla, joe - Northwest Florida Daily News

Panhandle land developer St. Joe Co. says it has hired Morgan Stanley & Co. to look at various options including a possible merger or sale of the company.

St. Joe Co. made the announcement late Tuesday. The company says it board of directors also voted to have Morgan Stanley look at possible partnerships, joint ventures, strategic alliances.

 

[beachFool]

Sure didn't hurt their stock, up 9% in after hours. Investors liked the idea.

JOE: Summary for St. Joe Company (The) Common St- Yahoo! Finance

Down 7% today, after hours trading is highly erratic, there can be a huge spread between bid and ask.

Watch ESPN instead.

 

[beachmouse]

St. Joe for sale. A case of too many eggs in one (Panhandle) basket? - St. Petersburg Times

Did St. Joe put too many of its development eggs in one basket ? namely, yuppie vacation housing near the Panhandle beaches ? only to crash head-on into the collapsed real estate bubble and, for the coup de grace, the BP oil spill?