NEWS RELEASE
For Immediate Release
CONTACT: Denise D. Resnik
(602) 956-8834
PACIFIC PARTNERS, LLC FILES PRELIMINARY PROXY
TO ELECT NOMINEES TO DEL WEBB BOARD
PHOENIX (October 6, 2000) -- Pacific Partners, LLC, a private
investment group, announced today that it has filed preliminary proxy materials
with the Securities and Exchange Commission to solicit proxies from the
stockholders of Del Webb Corp. (NYSE--WBB) for use at Del Webb's annual
stockholders meeting scheduled for November 2, 2000.
Pacific Partners intends to solicit proxies:
o to elect two of Pacific Partners' nominees to Del Webb's board of
directors, and
o to vote AGAINST two new management compensation programs proposed by
Del Webb's current board.
"In our meetings with Del Webb management, we suggested that the
company needs to be proactive to take steps to increase stockholder value," said
William Levine, manager of Pacific Partners. "We also have suggested that
stockholders of Del Webb would benefit from having new independent directors who
are committed to seeking out and analyzing alternative strategies for increasing
stockholder value. Management appears to disagree on these points, and so we
will be asking stockholders to elect directors committed to explore these
alternatives."
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Pacific Partners' nominees for election to the board of directors are
William S. Levine and Brian J. O'Connor.
William S. Levine is the manager of Pacific Partners. He also is a
director of Infinity Broadcasting Corporation (multimedia); chairman
of Infinity Outdoor, Inc. (outdoor advertising); and has held such
positions since December 9, 1999. In addition, he also is a director
of International Leisure Hosts, Inc. Prior to becoming a director of
Infinity Broadcasting Corporation, Mr. Levine was board chairman and a
director of Outdoor Systems, Inc. (outdoor advertising) since its
formation in 1980. Mr. Levine is an owner and officer of numerous
privately owned firms.
Brian J. O'Connor is the senior vice president of Hutchison, Shokey,
Erley & Co. (financial services) (August 1988 to present) and was a
member of the board of directors of Outdoor Systems, Inc. (outdoor
advertising) (September 1993 to December 1999).
Pacific Partners owns 1,002,186 shares, or approximately 5.49 percent
of Del Webb's outstanding common stock. Brian O'Connor owns an additional 2,000
shares of Del Webb common stock.
Pacific Partners strongly advises all Del Webb stockholders to read
Pacific Partners' final, definitive proxy statement when it becomes available
because it will contain important information. When completed, the definitive
proxy statement will be available at no charge on the SEC's web site at
http://www.sec.gov. The preliminary proxy statement will be available at no
charge on the SEC's web site within 24 hours of filing. Copies of proxy
materials are also available from D. F. King & Co. Inc. at 1-800-207-2872 or
[email protected]. Pacific Partners has retained D.F. King as its proxy
solicitation firm. Information regarding the participants in Pacific Partners'
proxy solicitation is contained in the preliminary proxy statement.
