Deals
St. Joe Falls as Developer Says It Will Explore Sale
This article is for subscribers only.
St. Joe Co., the Florida developer criticized by hedge-fund manager David Einhorn, fell 7 percent in New York trading after the company said it hired Morgan Stanley to explore a possible merger or sale.
St. Joe will consider a new business plan, partnerships, joint ventures, alliances, asset sales and acquisitions, the Watersound, Florida-based developer said yesterday in a statement. The announcement came a month after Bruce Berkowitz and Charles M. Fernandez of Fairholme Capital Management LLC, the company’s biggest shareholder, were named to the board.