Williams, who owns about 8% of Post's stock, plans to sell half of his holdings over the next several years, according to the report. He feels privately held real estate companies do better than publicly traded entities. He wouldn't disclose his participation or interest, if any, in the predicted acquisition activity, the report says.

Williams lost an intensely fought proxy battle last month when he sought to regain control of Post. He resigned July 1, 2002, but remains as a director and with the title of chairman emeritus. He wants to regain control of the company because he is dissatisfied with the management efforts of the existing board, he has previously said in prepared statements.

The 60-year-old Williams blames most of his animosity with the Post board on his former longtime friend and former Post president John Glover, according to the report. He suggests that both he and Glover resign as directors.