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DEL WEBB CORPORATION
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(Name of Registrant as Specified in Its Charter)
PACIFIC PARTNERS, LLC
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NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Denise Resnik
(602) 956-8834
PACIFIC PARTNERS DISMISSES DEL WEBB'S BOARD EXPANSION PLAN
PHOENIX (October 27, 2000) -- Pacific Partners, LLC, a private
investment group seeking to elect two nominees to the Del Webb Board of
Directors at the November 2, 2000 Annual Meeting, issued the following statement
today in response to the "surprise" announcement by Del Webb that it has decided
to increase the size of the Board.
"The timing of the Del Webb press release is curious," said Garth
Wieger, a member of Pacific Partners. "Suddenly, on the eve of the election, Del
Webb has agreed with us that the Board needs new blood and fresh ideas," Wieger
said.
In a press release distributed today, Del Webb's president and CEO,
LeRoy Hanneman, stated that Del Webb would consider "increased board
representation by significant shareholders."
"This is the same LeRoy Hanneman who recently told Institutional
Shareholder Services that he does not necessarily subscribe to the view that
directors need to have a certain size stake in the company to have their
interests aligned with stockholders," said Wieger.
"We own in excess of 1.0 million shares and are in for the long haul.
We find it totally disingenuous that the Board suddenly wants to add `additional
shareholder representation' when the two incumbent nominees we are seeking to
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replace only own 816 shares (excluding unexercised stock options) and one of
these nominees, Glenn Schaeffer, owns no shares and cannot even vote for himself
at the Annual Meeting. If Del Webb truly believed that the Board needs new
blood, they could have done this months ago -- not less than a week before the
election - and then stockholders could have decided for themselves.
"In our view, Del Webb's recent announcement is nothing more than a
transparent and desperate ploy to buy votes. We would not be surprised to find
out that a deal has already been cut regarding who will be selected by Del Webb
as a new director after the `accelerated search' is completed. But, for our
money, we don't want the current Board and the current nominating committee (on
which the Chairman of the Board for the last 12 years sits), rather than
stockholders, picking our new directors. In our view, Del Webb is essentially
saying "trust us -- again" to pick stockholder representatives for the Board who
can make a difference.
"Del Webb wants to put their own handpicked people on the Board. In our
view, this has not served stockholders well in the past. We encourage
stockholders to elect the Pacific Partners' nominees and send a clear message to
management that things need to change. Our nominees will support the replacement
of any retiring directors with additional strong representatives of
stockholders," Wieger said.
Pacific Partners needs your support to bring new ideas to the Del Webb
Board. However, unless your BLUE proxy is received very shortly, your vote for
Pacific Partners' nominees may not make it in time to be counted.
Please make sure your latest-dated proxy is a BLUE card voting FOR
Pacific Partners' nominees. A later-dated white card, even if marked "withhold
authority" to vote for the management candidates, will revoke your vote for
Pacific Partners' nominees. You have the legal right to change your vote and
return a BLUE card, even if you have already voted a white card. If you have any
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questions or need assistance in voting your Del Webb shares, please contact our
proxy solicitor, D.F. King & Co., Inc., toll-free at: (800) 207-2872.
Thank you for your support. We look forward to working hard on your
behalf to maximize the value of our collective investment in Del Webb.
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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