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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A STATEMENT
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
Filed by the Registrant /_/ Filed by a Party other than the Registrant /X/
Check the appropriate box:
/ / Preliminary Proxy Statement
/_/ Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
/_/ Definitive Proxy Statement
/X/ Definitive Additional Materials
/_/ Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
DEL WEBB CORPORATION
-------------------------------------------
(Name of Registrant as Specified in Its Charter)
PACIFIC PARTNERS, LLC
-------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement if Other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/X/ No fee required.
/_/ Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11
(1) Title of each class of securities to which transaction applies:
Not applicable
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(2) Aggregate number of securities to which transaction applies:
Not applicable
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined)
Not applicable
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(4) Proposed maximum aggregate value of transaction:
Not applicable
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(5) Total fee paid:
Not applicable
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/_/ Fee paid previously with preliminary materials
/_/ Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form of schedule and the date of its filing.
(1) Amount Previously Paid:
Not applicable
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(2) Form, Schedule or Registration Statement No.:
Not applicable
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(3) Filing Party:
Not applicable
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(4) Date Filed:
Not applicable
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<PAGE>
Graph depicting Del Webb share price during rumors of potential takeover in
early 1998
Date Share price Comment
--------------------------------------------------------------------------------
1/1/98 $26.00
1/2/98 $26.00
1/5/98 $26.00
1/6/98 $25.63
1/7/98 $25.44
1/8/98 $25.50
1/9/98 $24.69
1/12/98 $25.44
1/13/98 $25.88
1/14/98 $25.75
1/15/98 $25.75
1/16/98 $25.88
1/19/98 $25.88
1/20/98 $27.06
1/21/98 $26.63
1/22/98 $26.63
1/23/98 $26.19
1/26/98 $26.69
1/27/98 $26.88
1/28/98 $27.81
1/29/98 $27.06
1/30/98 $27.06
2/2/98 $27.56
2/3/98 $27.50
2/4/98 $27.56
2/5/98 $27.38
2/6/98 $27.56
2/9/98 $27.63
2/10/98 $26.88
2/11/98 $27.00
2/12/98 $27.38
2/13/98 $27.50
2/16/98 $27.50
2/17/98 $27.50
2/18/98 $27.75
2/19/98 $28.63
2/20/98 $31.00 2/20/98 - Rumors of possible takeover of WBB
surface; shares rise 8.3% to 20-year
high on volume of 376,000
2/23/98 $31.75
2/24/98 $31.81
2/25/98 $34.63 2/25/98 - WBB reports that it has been in
discussions to sell the company for
stock and cash valued in the low $30s
(speculators were expecting more)
2/26/98 $32.00
2/27/98 $32.00
3/2/98 $31.31 3/2/98 - WBB announces that discussions with
unnamed acquirer have ended (market
believes a deal with other acquirers
is still possible)
3/3/98 $30.81
3/4/98 $31.00
3/5/98 $30.13
3/6/98 $30.13
3/9/98 $29.88
3/10/98 $30.06
3/11/98 $30.81
3/12/98 $30.19
3/13/98 $30.19
3/16/98 $30.88
3/17/98 $29.50
3/18/98 $29.63
3/19/98 $29.81
3/20/98 $30.00
3/23/98 $30.13
3/24/98 $31.19
3/25/98 $31.00
3/26/98 $30.88
3/27/98 $31.44
3/30/98 $30.75
3/31/98 $30.50
4/1/98 $29.88
4/2/98 $29.44
4/3/98 $29.31
4/6/98 $28.88
4/7/98 $27.50
4/8/98 $28.69
4/9/98 $29.00
4/10/98 $29.00
4/13/98 $29.06
4/14/98 $28.88
4/15/98 $29.50
4/16/98 $29.00
4/17/98 $29.13
4/20/98 $28.75
4/21/98 $27.81
4/22/98 $28.44
4/23/98 $27.81
<PAGE>
Graph depicting share price of Del Webb amid Pacific Partners and Shea Homes
discussions of increased shareholder value
Date Share price Comment
--------------------------------------------------------------------------------
4/21/00 $13.94
4/24/00 $13.44
4/25/00 $13.75
4/26/00 $14.19
4/27/00 $14.38
4/28/00 $14.94
5/1/00 $15.56
5/2/00 $15.31
5/3/00 $14.81
5/4/00 $14.63
5/5/00 $14.94
5/8/00 $14.63
5/9/00 $14.81
5/10/00 $14.69
5/11/00 $14.81
5/12/00 $14.81
5/15/00 $15.13
5/16/00 $15.25
5/17/00 $15.38
5/18/00 $15.69
5/19/00 $15.56
5/22/00 $15.50
5/23/00 $15.50
5/24/00 $15.44
5/25/00 $15.44
5/26/00 $15.06
5/29/00 $15.06
5/30/00 $15.06
5/31/00 $15.25
6/1/00 $15.00
6/2/00 $15.38
6/5/00 $15.31
6/6/00 $15.25
6/7/00 $15.25
6/8/00 $15.31
6/9/00 $15.25
6/12/00 $15.25
6/13/00 $15.19
6/14/00 $15.00
6/15/00 $15.13
6/16/00 $14.94
6/19/00 $15.00
6/20/00 $15.00
6/21/00 $15.00
6/22/00 $14.81
6/23/00 $14.63
6/26/00 $14.81
6/27/00 $14.63
6/28/00 $14.81
6/29/00 $15.13
6/30/00 $15.31
7/3/00 $15.13
7/4/00 $15.13
7/5/00 $14.81
7/6/00 $15.13
7/7/00 $15.19
7/10/00 $15.25
7/11/00 $15.13
7/12/00 $14.94
7/13/00 $14.81
7/14/00 $14.75
7/17/00 $14.88
7/18/00 $14.63
7/19/00 $14.56
7/20/00 $14.75
7/21/00 $15.13
7/24/00 $14.75
7/25/00 $15.13
7/26/00 $14.94
7/27/00 $15.19
7/28/00 $14.81
7/31/00 $15.25
8/1/00 $15.19
8/2/00 $15.06
8/3/00 $14.81
8/4/00 $15.31
8/7/00 $18.00 8/7/00 - SSB upgrades its ratings on several
companies in the homebuilding industry from
"buy" to "outperform"
8/8/00 $19.44
8/9/00 $19.13
8/10/00 $19.38
8/11/00 $20.00 8/11/00 - SSB rates WBB new "buy" in new coverage
with a price target of $33
8/14/00 $19.94
8/15/00 $19.31
8/16/00 $19.38
8/17/00 $19.56 8/17/00 - Pacific Partners files 13D after acquiring
5.3% of WBB shares
8/18/00 $20.31
8/21/00 $20.94
8/22/00 $20.56
8/23/00 $20.38
8/24/00 $19.88
8/25/00 $19.75
8/28/00 $19.38
8/29/00 $20.38
8/30/00 $20.75
8/31/00 $22.38
9/1/00 $23.00
9/4/00 $23.00
9/5/00 $22.63
9/6/00 $21.44
9/7/00 $21.69
9/8/00 $22.75 9/8/00 - Avatar Holdings files 13D after acquiring
5.1% of WBB shares; considering the
possibility of a "business combination"
9/11/00 $23.00
9/12/00 $23.00
9/13/00 $23.44
9/14/00 $23.13
9/15/00 $23.06
9/18/00 $23.00
9/19/00 $22.19
9/20/00 $22.69
9/21/00 $22.25
9/22/00 $22.31
9/25/00 $27.25 9/25/00 - WBB discloses $30 buyout offer from Shea;
the $30 offer is contingent upon due
diligence
9/26/00 $28.94
9/27/00 $28.00
9/28/00 $27.81
9/29/00 $27.75
10/2/00 $27.81
10/3/00 $27.63
10/4/00 $27.56
10/5/00 $27.56
10/6/00 $27.56
10/9/00 $27.94
10/10/00 $27.50
10/11/00 $26.88
10/12/00 $24.56
10/13/00 $25.19
10/16/00 $26.06 10/16/00 - WBB announces that it expects earnings
per share to be at least 83 cents for the
quarter ended 9/30/00 versus 72 cents for
the quarter ended 9/30/99
10/17/00 $24.88
10/18/00 $25.25
10/19/00 $25.00
10/20/00 $25.94
10/23/00 $25.94
10/24/00 $27.63 10/24/00 - WBB reports earnings per share of 89
cents for the quarter ended 9/30/00
10/25/00 $25.25 10/25/00 - Shea announces that it will withdraw its
$30 buyout offer if WBB shareholders vote
for management's slate of directors
rather than the slate put forth by
Pacific Partners
Source: IDD Information Services
<PAGE>
Graph depicting Del Webb market share price versus book value per share from
September 30, 1999 to October 24, 2000
Date Book value per share(1) Market share price
---------------------------------------------------------------
9/30/99 $23.02 $22.00
10/1/99 $23.02 $21.63
10/4/99 $23.02 $21.88
10/5/99 $23.02 $21.56
10/6/99 $23.02 $21.56
10/7/99 $23.02 $21.63
10/8/99 $23.02 $21.50
10/11/99 $23.02 $21.81
10/12/99 $23.02 $21.56
10/13/99 $23.02 $21.50
10/14/99 $23.02 $21.81
10/15/99 $23.02 $21.50
10/18/99 $23.02 $21.56
10/19/99 $23.02 $21.44
10/20/99 $23.02 $20.94
10/21/99 $23.02 $20.56
10/22/99 $23.02 $20.81
10/25/99 $23.02 $21.44
10/26/99 $23.02 $21.38
10/27/99 $23.02 $21.63
10/28/99 $23.02 $22.25
10/29/99 $23.02 $22.06
11/1/99 $23.02 $22.63
11/2/99 $23.02 $22.94
11/3/99 $23.02 $22.63
11/4/99 $23.02 $22.69
11/5/99 $23.02 $23.00
11/8/99 $23.02 $22.38
11/9/99 $23.02 $22.13
11/10/99 $23.02 $21.50
11/11/99 $23.02 $21.44
11/12/99 $23.02 $21.50
11/15/99 $23.02 $21.25
11/16/99 $23.02 $22.63
11/17/99 $23.02 $22.81
11/18/99 $23.02 $23.00
11/19/99 $23.02 $22.44
11/22/99 $23.02 $22.88
11/23/99 $23.02 $23.00
11/24/99 $23.02 $23.00
11/25/99 $23.02 $23.00
11/26/99 $23.02 $23.06
11/29/99 $23.02 $23.06
11/30/99 $23.02 $22.88
12/1/99 $23.02 $22.88
12/2/99 $23.02 $22.94
12/3/99 $23.02 $23.19
12/6/99 $23.02 $22.38
12/7/99 $23.02 $22.63
12/8/99 $23.02 $22.75
12/9/99 $23.02 $23.00
12/10/99 $23.02 $23.13
12/13/99 $23.02 $23.06
12/14/99 $23.02 $22.63
12/15/99 $23.02 $22.38
12/16/99 $23.02 $22.19
12/17/99 $23.02 $24.00
12/20/99 $23.02 $23.19
12/21/99 $23.02 $23.56
12/22/99 $23.02 $23.38
12/23/99 $23.02 $23.19
12/24/99 $23.02 $23.19
12/27/99 $23.02 $23.00
12/28/99 $23.02 $23.94
12/29/99 $23.02 $24.00
12/30/99 $23.02 $24.38
12/31/99 $23.76 $24.88
1/3/00 $23.76 $24.00
1/4/00 $23.76 $22.88
1/5/00 $23.76 $23.25
1/6/00 $23.76 $23.44
1/7/00 $23.76 $23.56
1/10/00 $23.76 $23.50
1/11/00 $23.76 $23.25
1/12/00 $23.76 $22.75
1/13/00 $23.76 $22.88
1/14/00 $23.76 $23.13
1/17/00 $23.76 $23.13
1/18/00 $23.76 $22.94
1/19/00 $23.76 $23.00
1/20/00 $23.76 $21.25
1/21/00 $23.76 $21.06
1/24/00 $23.76 $20.63
1/25/00 $23.76 $19.00
1/26/00 $23.76 $19.69
1/27/00 $23.76 $19.44
1/28/00 $23.76 $18.69
1/31/00 $23.76 $18.25
2/1/00 $23.76 $19.00
2/2/00 $23.76 $18.69
2/3/00 $23.76 $18.88
2/4/00 $23.76 $18.69
2/7/00 $23.76 $19.25
2/8/00 $23.76 $19.38
2/9/00 $23.76 $18.69
2/10/00 $23.76 $18.56
2/11/00 $23.76 $17.63
2/14/00 $23.76 $17.38
2/15/00 $23.76 $17.13
2/16/00 $23.76 $17.19
2/17/00 $23.76 $17.31
2/18/00 $23.76 $17.06
2/21/00 $23.76 $17.06
2/22/00 $23.76 $16.44
2/23/00 $23.76 $16.19
2/24/00 $23.76 $15.88
2/25/00 $23.76 $15.88
2/28/00 $23.76 $15.50
2/29/00 $23.76 $15.00
3/1/00 $23.76 $15.06
3/2/00 $23.76 $15.13
3/3/00 $23.76 $14.81
3/6/00 $23.76 $14.13
3/7/00 $23.76 $13.50
3/8/00 $23.76 $12.88
3/9/00 $23.76 $14.19
3/10/00 $23.76 $14.00
3/13/00 $23.76 $13.56
3/14/00 $23.76 $13.38
3/15/00 $23.76 $14.94
3/16/00 $23.76 $15.31
3/17/00 $23.76 $15.56
3/20/00 $23.76 $15.81
3/21/00 $23.76 $16.13
3/22/00 $23.76 $16.00
3/23/00 $23.76 $15.75
3/24/00 $23.76 $15.75
3/27/00 $23.76 $15.56
3/28/00 $23.76 $15.31
3/29/00 $23.76 $15.31
3/30/00 $23.76 $15.25
3/31/00 $24.63 $14.81
4/3/00 $24.63 $15.00
4/4/00 $24.63 $14.88
4/5/00 $24.63 $15.00
4/6/00 $24.63 $15.00
4/7/00 $24.63 $15.00
4/10/00 $24.63 $14.69
4/11/00 $24.63 $14.81
4/12/00 $24.63 $14.94
4/13/00 $24.63 $15.13
4/14/00 $24.63 $14.63
4/17/00 $24.63 $14.19
4/18/00 $24.63 $14.06
4/19/00 $24.63 $13.88
4/20/00 $24.63 $13.94
4/21/00 $24.63 $13.94
4/24/00 $24.63 $13.44
4/25/00 $24.63 $13.75
4/26/00 $24.63 $14.19
4/27/00 $24.63 $14.38
4/28/00 $24.63 $14.94
5/1/00 $24.63 $15.56
5/2/00 $24.63 $15.31
5/3/00 $24.63 $14.81
5/4/00 $24.63 $14.63
5/5/00 $24.63 $14.94
5/8/00 $24.63 $14.63
5/9/00 $24.63 $14.81
5/10/00 $24.63 $14.69
5/11/00 $24.63 $14.81
5/12/00 $24.63 $14.81
5/15/00 $24.63 $15.13
5/16/00 $24.63 $15.25
5/17/00 $24.63 $15.38
5/18/00 $24.63 $15.69
5/19/00 $24.63 $15.56
5/22/00 $24.63 $15.50
5/23/00 $24.63 $15.50
5/24/00 $24.63 $15.44
5/25/00 $24.63 $15.44
5/26/00 $24.63 $15.06
5/29/00 $24.63 $15.06
5/30/00 $24.63 $15.06
5/31/00 $24.63 $15.25
6/1/00 $24.63 $15.00
6/2/00 $24.63 $15.38
6/5/00 $24.63 $15.31
6/6/00 $24.63 $15.25
6/7/00 $24.63 $15.25
6/8/00 $24.63 $15.31
6/9/00 $24.63 $15.25
6/12/00 $24.63 $15.25
6/13/00 $24.63 $15.19
6/14/00 $24.63 $15.00
6/15/00 $24.63 $15.13
6/16/00 $24.63 $14.94
6/19/00 $24.63 $15.00
6/20/00 $24.63 $15.00
6/21/00 $24.63 $15.00
6/22/00 $24.63 $14.81
6/23/00 $24.63 $14.63
6/26/00 $24.63 $14.81
6/27/00 $24.63 $14.63
6/28/00 $24.63 $14.81
6/29/00 $24.63 $15.13
6/30/00 $26.27 $15.31
7/3/00 $26.27 $15.13
7/4/00 $26.27 $15.13
7/5/00 $26.27 $14.81
7/6/00 $26.27 $15.13
7/7/00 $26.27 $15.19
7/10/00 $26.27 $15.25
7/11/00 $26.27 $15.13
7/12/00 $26.27 $14.94
7/13/00 $26.27 $14.81
7/14/00 $26.27 $14.75
7/17/00 $26.27 $14.88
7/18/00 $26.27 $14.63
7/19/00 $26.27 $14.56
7/20/00 $26.27 $14.75
7/21/00 $26.27 $15.13
7/24/00 $26.27 $14.75
7/25/00 $26.27 $15.13
7/26/00 $26.27 $14.94
7/27/00 $26.27 $15.19
7/28/00 $26.27 $14.81
7/31/00 $26.27 $15.25
8/1/00 $26.27 $15.19
8/2/00 $26.27 $15.06
8/3/00 $26.27 $14.81
8/4/00 $26.27 $15.31
8/7/00 $26.27 $18.00
8/8/00 $26.27 $19.44
8/9/00 $26.27 $19.13
8/10/00 $26.27 $19.38
8/11/00 $26.27 $20.00
8/14/00 $26.27 $19.94
8/15/00 $26.27 $19.31
8/16/00 $26.27 $19.38
8/17/00 $26.27 $19.56
8/18/00 $26.27 $20.31
8/21/00 $26.27 $20.94
8/22/00 $26.27 $20.56
8/23/00 $26.27 $20.38
8/24/00 $26.27 $19.88
8/25/00 $26.27 $19.75
8/28/00 $26.27 $19.38
8/29/00 $26.27 $20.38
8/30/00 $26.27 $20.75
8/31/00 $26.27 $22.38
9/1/00 $26.27 $23.00
9/4/00 $26.27 $23.00
9/5/00 $26.27 $22.63
9/6/00 $26.27 $21.44
9/7/00 $26.27 $21.69
9/8/00 $26.27 $22.75
9/11/00 $26.27 $23.00
9/12/00 $26.27 $23.00
9/13/00 $26.27 $23.44
9/14/00 $26.27 $23.13
9/15/00 $26.27 $23.06
9/18/00 $26.27 $23.00
9/19/00 $26.27 $22.19
9/20/00 $26.27 $22.69
9/21/00 $26.27 $22.25
9/22/00 $26.27 $22.31
9/25/00 $26.27 $27.25
9/26/00 $26.27 $28.94
9/27/00 $26.27 $28.00
9/28/00 $26.27 $27.81
9/29/00 $26.27 $27.75
10/2/00 $27.17 $27.81
10/3/00 $27.17 $27.63
10/4/00 $27.17 $27.56
10/5/00 $27.17 $27.56
10/6/00 $27.17 $27.56
10/9/00 $27.17 $27.94
10/10/00 $27.17 $27.50
10/11/00 $27.17 $26.88
10/12/00 $27.17 $24.56
10/13/00 $27.17 $25.19
10/16/00 $27.17 $26.06
10/17/00 $27.17 $24.88
10/18/00 $27.17 $25.25
10/19/00 $27.17 $25.00
10/20/00 $27.17 $25.94
10/23/00 $27.17 $25.94
10/24/00 $27.17 $27.63
<PAGE>
Graph depicting leverage to shareholder returns - one-year total return
Company ticker Debt to Book Capital Total Return
------------------------------------------------------------------
CTX 58.00% -37.10%
DHI 60.50% -17.50%
HOV 65.40% -31.40%
KBH 66.80% -19.30%
LEN 62.20% -15.30%
MDC 40.80% -12.30%
PHM 45.90% -5.60%
RYL 65.20% -25.00%
SPF 48.10% -21.10%
TOL 54.20% -4.40%
WBB 67.60% -35.90%
<PAGE>
Graph depicting leverage to shareholder returns - three-year total return
Company ticker Debt to Book Capital Total Return
-------------------------------------------------------------------
CTX 58.00% 17.4%
DHI 60.50% 33.7%
HOV 65.40% -5.9%
KBH 66.80% 17.5%
LEN 62.20% 66.0%
MDC 40.80% 108.0%
PHM 45.90% 27.5%
RYL 65.20% 60.1%
SPF 48.10% 2.8%
TOL 54.20% 11.6%
WBB 67.60% -4.7%
<PAGE>
Graph depicting leverage to shareholder returns - five-year total return
Company ticker Debt to Book Capital Total Return
------------------------------------------------------------------
CTX 58.00% 70.90%
DHI 60.50% 57.30%
HOV 65.40% 3.20%
KBH 66.80% 48.30%
LEN 62.20% 188.90%
MDC 40.80% 217.60%
PHM 45.90% 60.10%
RYL 65.20% 52.10%
SPF 48.10% 58.70%
TOL 54.20% 28.10%
WBB 67.60% -31.90%
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