One of Florida's biggest private land owners, St. Joe Co. said it will explore strategic options that may include the sale of the company. St. Joe CEO Britt Greene said the company had hired the investment firm 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." No specific reasons were given for the potential sale of the company. However, St. Joe has found itself in a recent tug of way between two major investors. David Einhorn of Value Investing Congress, who won attention for shorting Lehman Brothers before the firm collapsed, has argued St. Joe's real estate properties are greatly overvalued. In contrast, Bruce Berkowitz of Fairholme Capital Management recently launched a bid to restructure St. Joe's board and install himself as chairman. Berkowitz owns a part of the company, and in December won himself and an associate seats on the board. Based on the Panhandle, publicly traded St. Joe is northwest Florida's largest private land owner.
St. Joe Co., caught in investor tug of war, says it may put itself up for sale
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