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
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Check the appropriate box:
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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
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(Name of Registrant as Specified in Its Charter)
PACIFIC PARTNERS, LLC
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(Name of Person(s) Filing Proxy Statement if Other than the Registrant)
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<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Denise D. Resnik
(602) 956-8834
PACIFIC PARTNERS' SLATE FOR DEL WEBB BOARD
SUPPORTED BY LEADING
PROXY ADVISORY FIRM
PHOENIX (October 26, 2000) -- Pacific Partners, LLC, a large
stockholder of Del Webb Corporation (NYSE:WBB) seeking to elect two nominees to
the Del Webb Board of Directors announced today that Institutional Shareholder
Services (ISS) has recommended that Del Webb stockholders vote FOR Pacific
Partners' nominees - William S. Levine and Brian J. O'Connor. ISS is the world's
foremost proxy advisory firm, providing independent proxy analysis and voting
recommendations to hundreds of money managers, public and private pension funds
and insurance companies, among others, managing billions of dollars of equity
investments.
In its analysis, ISS stated, in part:
o "Most of Pacific Partners' argument regarding inefficiencies are
addressed in Del Webb's business plan that has been in effect for the
last several years. This would indicate that the company may need help
in the implementing its plan as well as capitalizing on its brand
name."
o "There are also some indications of management entrenchment as shown by
the reluctance of Del Webb's board to consider Shea's disputed offer.
The question now is how long should shareholders have to wait to see a
return on their investment. Should they stay the course for the
potential gains that the coming baby boomers have to offer or attempt
to cash out now? Either way this choice should be left up to Del Webb
shareholders, and their best chance to realize this opportunity may be
by injecting some new blood into the board."
<PAGE>
o "On the contrary, in light of Del Webb's stock performance, it appears
[Pacific Partners is] merely concerned about the management of their
investment. In this case, we believe the dissident slate will bring a
fresh perspective to the Del Webb board and may help to better align
the interests of management with those of shareholders."
William S. Levine, Manager of Pacific Partners (which owns in excess of
1.0 million shares of Del Webb stock) stated, "We are very gratified that ISS
has endorsed our slate of nominees. Now it is up to Del Webb stockholders to
rally behind our nominees and us. We are committed to staying the course and
investigating all reasonable alternatives for maximizing stockholder value. The
performance of the past cannot be permitted to continue in the future."
Pacific Partners asks all Del Webb stockholders to review the Pacific
Partners proxy statement dated October 19, 2000 carefully. All information
regarding Pacific Partners is available at www.pacificpartners.bizland.com.
The Pacific Partners nominees for directors are committed to
investigating all opportunities for maximizing stockholder value, including Shea
and others that become available. "While our nominees, if elected, will not
constitute a majority of the Del Webb board and thus could not ensure that the
board will explore strategic alternatives or successfully enhance stockholder
value, we believe that the election of our nominees should be recognized by the
other directors as a mandate for change. Even as a minority presence, they will
be an active presence committed to pursuing avenues designed to deal with
current challenges that we believe are impeding the company's financial
flexibility," Levine said.
<PAGE>
TIME IS SHORT. THE ANNUAL MEETING IS NOVEMBER 2.
VOTE YOUR BLUE PROXY CARD TODAY.
By now, Del Webb stockholders should have received Pacific Partners'
Proxy Statement and the enclosed BLUE Proxy Card to be used for voting for
Pacific Partners' nominees.
REMEMBER: EVEN IF YOU HAVE ALREADY VOTED A PROXY CARD IN FAVOR OF
MANAGEMENT'S NOMINEES, YOU HAVE EVERY LEGAL RIGHT TO CHANGE YOUR MIND AND VOTE A
BLUE PROXY CARD FOR PACIFIC PARTNERS' NOMINEES. ONLY YOUR LATEST DATED PROXY
CARD WILL COUNT IN THE FINAL TALLY.
Your vote is very important. If you have any questions about voting,
please contact D.F. King & Co., Inc.
D.F. King & Co., Inc. - 1-800-207-2872
or
[email protected]
Please Vote Today
Information regarding the identity of the person who, under SEC rules,
may be deemed to be participants in Pacific Partners' solicitation of Del Webb's
stockholders, and their interests in the solicitation, are set forth in Pacific
Partners' definitive proxy statement filed October 19, 2000 with the SEC. Copies
of the definitive proxy statement are being mailed to Del Webb's stockholders.
Stockholders are urged to read the Pacific Partners proxy statement and any
other relevant documents that may be filed with the SEC because they contain
important information. All of these materials are available free of charge at
the Pacific Partners Web site (www.pacificpartners.bizland.com). Stockholders
can obtain copies of these documents free of charge at the SEC's Web site
(www.sec.gov). Copies are also available free of charge from D.F. King & Co.
Inc. at 1-800-207-2872 or [email protected]. Stockholders should read the
Pacific Partners proxy statement carefully before making any voting decisions.
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