UPDATE 1-SAC Capital says it might hold talks with WCI

(Adds details from filing, background, share price)

WASHINGTON, March 20 (Reuters) - Activist investment group SAC Capital Advisors said it had reviewed public information about billionaire investor Carl Icahn's planned tender offer for WCI Communities Inc. WCI.N and might hold talks with the company's shareholders and management.

SAC made the statement on Tuesday when it disclosed a stake of 9.5 percent stake, or 4 million shares, in the Florida builder of upscale homes and condominiums.

In a filing with the U.S. Securities and Exchange Commission, the investment fund said it believed WCI shares had been undervalued, but it had no present plan or proposal for a major transaction at the company.

SAC said it might engage in discussions with WCI management and shareholders about the company's business and future plans.

Icahn said last week that he would launch a tender offer for WCI, in which he already has about a 14.6 percent stake. He said the offer would have a value of $22 per share and that he would have discussions with the company about how to "unlock the inherent value" of the stock.

Shares of WCI closed on Monday at $22.40, up from a $18.97 close on March 12, the day before Icahn's announcement.

SAC, which is controlled by famously secretive trader Steven A. Cohen, has been an activist asset management firm, recently pushing for change at Take-Two Interactive Software Inc. (TTWO.O), Laureate Education Inc. LAUR.O and other companies.