Contact: Denise Resnik
602-956-8834
PACIFIC PARTNERS NOMINATES DIRECTORS
FOR DEL WEBB CORPORATION BOARD OF DIRECTORS
PHOENIX (August 31, 2000) -- Pacific Partners, LLC, today announced it
has nominated William S. Levine, Arturo R. Moreno and Brian J. O'Connor as
candidates for election to the board of directors of Del Webb Corporation
(NYSE:WBB) at that company's 2000 annual meeting of stockholders presently
scheduled for Nov. 2, 2000. Pacific Partners has provided detailed information
regarding the nominees to Del Webb, as required by Del Webb's Bylaws, and has
included this information in an amendment to Pacific Partner's Schedule 13D that
was filed with the Securities and Exchange Commission today. "We recently sent a
letter to LeRoy Hanneman, Del Webb's CEO, informing him of our investment. In
that letter we requested a meeting with Del Webb management to discuss various
issues and challenges facing the company. Mr. Hanneman proposed three dates for
our meeting, the earliest being Sept. 11, 2000, which is one week after the
deadline to submit director nominations for the upcoming annual meeting," said
William S. Levine, manager of Pacific Partners.
According to the Del Webb corporate bylaws, information must reach the
company not less than 60 days prior and not more than 90 days prior to the
annual stockholders meeting, making the window for such notices Aug. 4 through
Sept. 4, 2000, Levine explained.
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"Our goal is to help management address current challenges that we
believe are impeding the company's financial flexibility and the ability to
maximize stockholder value. Since a meeting could not be scheduled within the
required reporting window, we felt that we had no option but to move forward
with our own slate of nominees," Levine said.
In support of its director nominees, Pacific Partners intends to
solicit proxies from the holders of the company's common stock, but only when
and as permitted by applicable law. To assist in the solicitation of proxies,
Pacific Partners has retained D.F. King & Co., Inc., a New York based firm
specializing in proxy solicitations and other forms of corporate communications.
To facilitate these efforts, the materials delivered to Del Webb today also
included a request for a list of the company's stockholders and related
stockholder information.
Pacific Partners also announced that it has made a Hart-Scott-Rodino
filing with the Federal Trade Commission. In the filing, Pacific Partners seeks
the ability to acquire up to 15 percent of Del Webb's common stock.
Pacific Partners, LLC, is a private investment group. Further
information regarding Pacific Partners is contained in its Schedule 13D relating
to Del Webb filed with the Securities and Exchange Commission on Aug. 17, 2000,
as amended by Amendment No. 1 to Schedule 13D filed on August 31, 2000.
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The proposed directors have extensive business backgrounds. Levine and
Moreno founded Phoenix-based Outdoor Systems, Inc., which was recently sold to
Infinity Broadcasting Corporation. In addition to his duties with Pacific
Partners, Levine is a director of Infinity Broadcasting Corporation and chairman
of Infinity Outdoor, Inc. Moreno is a member of Pacific Partners, a director of
Infinity Broadcasting Corporation and CEO of Infinity Outdoor, Inc. Brian J.
O'Connor is a Senior Vice President of Hutchinson, Shockey, Erley & Co., an
investment banking firm located in Phoenix, AZ.
