For Immediate Release Contact: Rick Miller
404-572-6787
Pacific Partners Acquires Substantial Equity Stake in Del Webb Corporation
Phoenix, Arizona - August 17, 2000. Pacific Partners, LLC announced
today its acquisition of a substantial equity stake in Del Webb Corporation
(NYSE:WBB). The Pacific Partners equity position, described in a Schedule 13D
filed with the Securities and Exchange Commission on August 17, 2000, consists
of 975,886 shares of Del Webb's common stock representing approximately 5.32% of
Del Webb's outstanding stock.
The Schedule 13D filing reports that Pacific Partners believes Del
Webb's stock could present significant opportunities for realization of
increased shareholder value if management can successfully address future
challenges. The principals of Pacific Partners have requested a meeting with Del
Webb's management to better understand the steps management intends to take to
maximize the value of the Company's recognized brand name and increase
shareholder value. In its letter to management, Pacific Partners noted that the
Company is highly leveraged. Impending debt maturities and certain restrictive
covenants relating to the Company's indebtedness present liquidity issues and
are limiting the Company's financial flexibility. This, in turn, is not allowing
the Company to take advantage of both present and future opportunities according
to Pacific Partners.
The Schedule 13D filing also reports that Pacific Partners may evaluate
and discuss with management the terms upon which a significant strategic equity
investment could be made in the Company to address any pending liquidity issues
and delever the Company's balance sheet. Pacific Partners believes that
shareholder value cannot be maximized unless these issues are resolved. Based on
the outcome of any such meetings and further assessment, Pacific Partners may
seek representation on Del Webb's Board of Directors at its 2000 Annual Meeting
of Stockholders.
Pacific Partners, LLC is a private investment firm. Further information
regarding Pacific Partners is contained in its Schedule 13D relating to Del Webb
filed with the Securities and Exchange Commission on August 17, 2000.
