<PAGE>
PRELIMINARY COPY--SUBJECT TO COMPLETION, DATED FEBRUARY 18, 1997
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN CONSENT STATEMENT
SCHEDULE 14A INFORMATION
CONSENT STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the registrant [_]
Filed by party other than the registrant [X]
Check the appropriate box:
[X] Preliminary Consent Statement [_] Confidential, for Use of the
[_] Definitive Consent Statement Commission Only (as permitted
[_] Definitive Additional Materials by Rule 14a-6(e)(2))
[_] Soliciting Material Pursuant to
Rule 14a-11(c) or Rule 14a-12
GREAT WESTERN FINANCIAL CORPORATION
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
H. F. AHMANSON & COMPANY
(NAME OF PERSON(S) FILING CONSENT STATEMENT,
IF OTHER THAN THE REGISTRANT)
Payment of filing fee (Check the appropriate box):
[X] No fee required
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement no.:
(3) Filing Party:
(4) Date Filed:
<PAGE>
PRELIMINARY COPY--SUBJECT TO COMPLETION, DATED FEBRUARY 18, 1997
[AHMANSON LETTERHEAD]
February , 1997
To the Stockholders of
Great Western Financial Corporation:
On February 17, 1997, H.F. Ahmanson & Company ("Ahmanson") submitted a
written proposal to Great Western Financial Corporation ("GWF") for a tax-free
merger of the two companies pursuant to which each outstanding share of GWF
Common Stock would be converted into 1.05 shares of Ahmanson Common Stock (the
"Ahmanson Merger Proposal").
. The Ahmanson Merger Proposal represents a 24.2% premium over the price
of the GWF Common Stock, based on the closing price of the shares on the
NYSE Composite Tape on the last trading day before announcement of the
Ahmanson Merger Proposal.
. Despite the extraordinary economic benefits to the stockholders of GWF
that would accrue from the Ahmanson Merger Proposal, GWF's current Board
of Directors (the "GWF Board") has not yet responded to the Ahmanson
Merger Proposal or entered into negotiations with Ahmanson.
Accordingly, in order to enable a decision on the merits of the Ahmanson
Merger Proposal to be made by you, as the true owners of GWF, your consent is
being solicited to adopt proposals that would (a) urge the GWF Board to
arrange a merger to maximize stockholder value and (b) prevent the GWF Board
from granting excessive break-up fees, stock options, "crown jewel" options or
other lock-up fee arrangements that could deter a merger maximizing
stockholder value unless the stockholders approve those arrangements.
This consent solicitation is being conducted separately from the proxy
solicitation that Ahmanson is making in connection with the 1997 Annual
Meeting of Stockholders of GWF.
SEND A CLEAR MESSAGE TO THE GWF BOARD--GRANT YOUR CONSENT BY MARKING,
SIGNING, DATING AND RETURNING YOUR WHITE CONSENT CARD AS SOON AS POSSIBLE.
Only stockholders of record on , 1997 may consent in connection with
this consent solicitation. Therefore, in fairness to other stockholders, even
if you have subsequently sold your shares of GWF Common Stock, you are urged
to grant your consent pursuant to the enclosed WHITE consent card with respect
to all of the shares of GWF Common Stock that were held by you as of the ,
1997 record date. Your failure to consent may adversely affect those who
continue to be stockholders.
If you have any questions concerning the accompanying Consent Statement or
the procedures to be followed to deliver a consent, please contact MacKenzie
Partners, Inc. at (212) 929-5500 (bankers and brokers call collect) or (800)
322-2885 (all others call toll-free).
PLEASE READ THE ACCOMPANYING CONSENT STATEMENT CAREFULLY. YOUR CONSENT AND
PROMPT ACTION ARE IMPORTANT. YOU ARE URGED TO GRANT YOUR CONSENT BY MARKING,
SIGNING, DATING AND RETURNING THE ENCLOSED WHITE CONSENT CARD AS SOON AS
POSSIBLE.
Sincerely,
-----------------------------
Chairman and Chief
Executive Officer
<PAGE>
IMPORTANT
Only stockholders of record on , 1997 are entitled to give their consent
to the Proposals. Thus:
1. If your shares of GWF Common Stock are held in your own name, please
mark, sign, date and return the enclosed WHITE consent card in the
postage-paid envelope provided.
2. If your shares of GWF Common Stock are held in the name of a brokerage
firm, bank, nominee or other institution, only it can execute a consent
with respect to your shares of GWF Common Stock and only upon receipt of
your specific instructions. Accordingly, you should contact the person
responsible for your account and give instructions for a WHITE consent
card to be signed representing the shares of GWF Common Stock
beneficially owned by you. You are urged to ensure that the record
holder of your shares of GWF Common Stock marks, signs, dates and
returns the enclosed WHITE consent card as soon as possible. You are
further urged to confirm in writing any instructions given and provide a
copy of those instructions to Ahmanson in care of MacKenzie Partners,
Inc. so that Ahmanson may also attempt to ensure that such instructions
are followed.
If you have any questions or require any assistance in executing your
consent, please call:
MacKenzie Partners, Inc.
156 Fifth Avenue
New York, New York 10010
Bankers and Brokers Call Collect: (212) 929-5500
All Others Call Toll-Free: (800) 322-2885
<PAGE>
PRELIMINARY COPY--SUBJECT TO COMPLETION, DATED FEBRUARY 18, 1997
----------------
CONSENT STATEMENT
TO
STOCKHOLDERS OF GREAT WESTERN FINANCIAL CORPORATION
BY
H.F. AHMANSON & COMPANY
----------------
This Consent Statement and the accompanying WHITE consent card are being
furnished by H.F. Ahmanson & Company ("Ahmanson"), to the holders (the
"Stockholders") of shares of common stock of Great Western Financial
Corporation ("GWF") in connection with the solicitation by Ahmanson of the
consent of Stockholders to the Proposals described below (the "Consent
Solicitation"). Ahmanson conducts its principal business operations through
Home Savings of America, FSB, a federally-chartered savings bank. Based on
deposits, Ahmanson was at December 31, 1996 the third largest depository
institution in California and the 17th largest in the United States.
On February 17, 1997, Charles R. Rinehart, Chairman of the Board and Chief
Executive Officer of Ahmanson contacted John F. Maher, President and Chief
Executive Officer, of GWF and delivered to him a written proposal for a tax-
free merger of the two companies (the "Proposed Merger"), pursuant to which
each outstanding share of GWF Common Stock would be converted into 1.05 shares
of Ahmanson Common Stock (the "Ahmanson Merger Proposal"). Ahmanson
subsequently issued a press release publicly disclosing the Ahmanson Merger
Proposal.
Based on the closing price of the Ahmanson Common Stock on the New York
Stock Exchange ("NYSE") Composite Tape on February 14, 1997 (the last trading
day before announcement of the Ahmanson Merger Proposal), Stockholders would
receive in the Proposed Merger shares of Ahmanson Common Stock with a value of
$42.53 for each of their shares of GWF Common Stock, representing a 24.2%
premium over the closing price of the GWF Common Stock on such date.
Ahmanson believes that the Proposed Merger represents a unique and
compelling opportunity to enhance value for stockholders of both Ahmanson and
GWF, allowing the combined company to realize substantial cost savings while
solidifying its competitive position in its major markets and providing
enhanced services and products to its customers. Ahmanson is confident that it
will be able to obtain the regulatory approvals required for the Proposed
Merger on a timely basis and without imposition of any condition that would
have a material adverse effect on the combined company. Accordingly, Ahmanson
believes that the Board of Directors of GWF (the "GWF Board") should find the
Proposed Merger highly attractive. However, as of the date of this Preliminary
Consent Statement, GWF has not yet responded to the Ahmanson Merger Proposal
and the parties have not yet entered into any negotiations concerning the
Proposed Merger or any other business combination between Ahmanson and GWF.
Accordingly, in order to enable a decision on the merits of the Ahmanson
Merger Proposal to be made by you, as the true owners of GWF, your consent is
being solicited to adopt proposals that would (a) urge the GWF Board to
arrange a merger to maximize stockholder value and (b) prevent the GWF Board
from granting excessive break-up fees, stock options, "crown jewel" options or
other lock-up fee arrangements that could deter a merger maximizing
stockholder value unless the stockholders approve those arrangements.
This consent is being conducted separately from the proxy solicitation that
Ahmanson is making in connection with the 1997 Annual Meeting of Stockholders
of GWF.
A CONSENT TO THE PROPOSALS WILL ENABLE YOU--AS THE OWNERS OF GWF--TO SEND A
CLEAR MESSAGE TO THE GWF BOARD THAT YOU FAVOR A MERGER TO MAXIMIZE STOCKHOLDER
VALUE.
AHMANSON URGES YOU TO MARK, SIGN, DATE AND RETURN THE ENCLOSED WHITE CONSENT
CARD TO CONSENT TO THE PROPOSALS.
<PAGE>
AHMANSON URGES YOU NOT TO SIGN ANY CONSENT CARD SENT TO YOU BY GWF. IF YOU
HAVE ALREADY DONE SO, YOU MAY REVOKE THAT CONSENT BY DELIVERING A LATER DATED
CONSENT CARD TO AHMANSON, C/O MACKENZIE PARTNERS, INC. (THE "AGENT"), OR TO
THE SECRETARY OF GWF. SEE "CONSENT PROCEDURES" BELOW.
The record date for determining Stockholders entitled to consent is ,
1997 (the "Record Date"). Stockholders of record at the close of business on
the Record Date will be entitled to one vote for each share of GWF Common
Stock ("GWF Share") held on the Record Date. As of the Record Date, there were
approximately GWF Shares issued and outstanding. Ahmanson holds an
aggregate of GWF Shares, which represents % of the GWF Shares
outstanding. On February , 1997, Ahmanson delivered an executed and dated
written consent to the Proposals, covering the shares of GWF Common Stock
owned by Ahmanson of record.
----------------
This Consent Statement and the WHITE consent card are first being sent to
Stockholders on or about February , 1997. The principal executive offices of
Great Western Financial Corporation are located at 9200 Oakdale Avenue,
Chatsworth, California 91311.
2
<PAGE>
IMPORTANT
Only Stockholders of record on the Record Date are entitled to give their
consent to the Proposals. Thus:
1. If your shares of GWF Common Stock are held in your own name, please
mark, sign, date and return the enclosed WHITE consent card in the
postage-paid envelope provided.
2. If your shares of GWF Common Stock are held in the name of a brokerage
firm, bank, nominee or other institution, only it can execute a consent
with respect to your shares of GWF Common Stock and only upon receipt of
your specific instructions. Accordingly, you should contact the person
responsible for your account and give instructions for a WHITE consent
card to be signed representing the shares of GWF Common Stock
beneficially owned by you. You are urged to ensure that the record
holder of your shares of GWF Common Stock marks, signs, dates and
returns the enclosed WHITE consent card as soon as possible. You are
further urged to confirm in writing any instructions given and provide a
copy of those instructions to Ahmanson in care of MacKenzie Partners,
Inc. so that Ahmanson may also attempt to ensure that such instructions
are followed.
If you have any questions or require any assistance in executing your
consent, please call:
MacKenzie Partners, Inc.
156 Fifth Avenue
New York, New York 10010
Bankers and Brokers Call Collect: (212) 929-5500
All Others Call Toll-Free: (800) 322-2885
3
<PAGE>
THE AHMANSON MERGER PROPOSAL; PURPOSE OF CONSENT SOLICITATION
On a number of occasions during the last several years, the current and
predecessor chief executive officers of Ahmanson and GWF have informally
discussed the possibility of a merger of the two companies. These discussions
took place against the background of a rapidly changing banking industry
undergoing substantial consolidation, primarily as a result of increased
competition and a need to reduce costs through economies of scale. In
addition, in recent years, the two companies have been pursuing compatible
business strategies.
Consolidation among depository institutions has increased in recent years
and has included the merger or sale of a number of large California-based
banks and savings institutions. Among the major transactions that have
occurred in recent years are the combinations of: the six largest California
banks (Wells Fargo and First Interstate, Bank America and Security Pacific,
and Union Bank and Bank of California); the fifth and seventh largest
California savings institutions (First Nationwide and California Federal)
(which followed a proposal by Golden West, the third largest California
savings institution, to acquire California Federal); and the fourth largest
California savings institution and one of the largest savings institutions
outside of California (American Savings and Washington Mutual) (size
references are to asset rankings as of June 30 of the year of the referenced
merger). Ahmanson has taken advantage of this trend toward consolidation to
enlarge its presence and enhance its market share in key markets while
disposing of assets in other, "non-core" markets. Since June 1992, Ahmanson
has engaged in transactions which, taken together, have resulted in the
acquisition of $6.8 billion in deposits, primarily in California, at an
average deposit premium (i.e., the ratio of net purchase price to acquired
deposits) of 2.9% and the sale of over $12.7 billion in deposits in non-core
markets at an average deposit premium of 7.1%. In addition, in September 1996,
Ahmanson acquired approximately $1.9 billion in deposits by completing its
purchase of 61 former First Interstate branches.
Ahmanson believes that GWF also recognizes the merits of a focus on core
markets and the inevitability of consolidation. For example, in December 1993,
GWF acquired 119 branches of HomeFed in California having $4.1 billion in
deposits and, in December 1994, sold its 31 branches on the west coast of
Florida having $1.0 billion in deposits.
In light of the foregoing, on February 17, 1997, Charles R. Rinehart,
Chairman of the Board and Chief Executive Officer of Ahmanson, contacted
John F. Maher, President and Chief Executive Officer, of GWF and delivered to
him a written proposal for a tax-free merger of the two companies pursuant to
which each outstanding share of GWF Common Stock would be converted into 1.05
shares of Ahmanson Common Stock. Ahmanson subsequently issued a press release
publicly disclosing the Ahmanson Proposal.
Based on the closing price of the Ahmanson Common Stock on the NYSE
Composite Tape on February 14, 1997, the last trading day before announcement
of the Ahmanson Merger Proposal, GWF common stockholders would receive in the
Proposed Merger shares of Ahmanson Common Stock with a value of $42.53 for
each of their shares of GWF Common Stock, representing a 24.2% premium over
the closing price of the GWF Common Stock on such date.
Ahmanson believes that the Proposed Merger represents a unique and
compelling opportunity to enhance value for stockholders of both Ahmanson and
GWF, allowing the combined company to realize substantial cost savings while
enhancing its competitive position in its major markets and providing enhanced
services and products to its customers. Ahmanson is confident that it will be
able to obtain the regulatory approvals required for the Proposed Merger on a
timely basis and without imposition of any condition that would have a
material adverse effect on the combined company. Accordingly, Ahmanson
believes that the GWF Board should find the Proposed Merger highly attractive.
However, as of the date of this Preliminary Consent Statement, GWF has not yet
responded to the Ahmanson Merger Proposal and the parties have not yet entered
into any negotiations concerning the Proposed Merger or any other business
combination between Ahmanson and GWF.
Ahmanson believes that the GWF Board (who collectively own beneficially less
than 1.5% of the GWF Common Stock) should not deprive the Stockholders of the
opportunity to consider the Ahmanson Merger Proposal and any other bona fide
and concrete merger proposals. Accordingly, Ahmanson is soliciting your
consent in support of the Proposals, which are intended to facilitate the
maximization of stockholder value.
4
<PAGE>
THE CONSENT SOLICITATION
Stockholder consent is being solicited to approve each of the following
proposals (the "Proposals") without a stockholders' meeting, as permitted by
the Delaware General Corporation Law (the "DGCL"):
PROPOSAL 1: The following non-binding resolution is hereby adopted:
"RESOLVED, that the stockholders of Great Western Financial Corporation
("Great Western") urge the Great Western Board of Directors (the "Great
Western Board") to consider any bona fide and concrete merger proposal
received by Great Western by May 22, 1997 and, if no proposal superior
to the H.F. Ahmanson & Company ("Ahmanson") merger proposal (set forth
in Ahmanson's letter to Great Western, dated February 17, 1997) is
received, to enter into a merger agreement with Ahmanson in accordance
with the Ahmanson merger proposal and take all actions necessary to
facilitate such merger. In determining whether another merger proposal
is superior to the Ahmanson merger proposal, the Great Western Board
shall take into account the potential that the Great Western
stockholders will receive a substantial portion of the value of the
cost savings resulting from a merger with Ahmanson."
The purpose of Proposal 1 is to give Stockholders the opportunity to send a
clear message to the GWF Board that they support the Ahmanson Merger Proposal
and, unless a bona fide and concrete proposal clearly providing value greater
than the Ahmanson Merger Proposal is received, that they want the GWF Board to
take such actions as are necessary to permit the Ahmanson Merger Proposal to
proceed. Under the DGCL, this resolution will not be legally binding upon the
GWF Board. However, Ahmanson believes that the GWF Board, in accordance with
its fiduciary duties, will take into account the views of a majority of the
Stockholders in considering the alternatives available to GWF.
PROPOSAL 2: Section 13 of the By-laws of GWF is hereby amended by
inserting immediately before the penultimate sentence thereof the following
sentence:
"The Board of Directors may not, without the prior approval of a
majority of the stockholders of the Corporation having voting power,
grant a third party break-up fees, stock options, "crown jewel" options
or other lock-up arrangements in connection with an "Acquisition
Transaction" as hereinafter defined, unless such agreement contains a
provision ensuring that the aggregate value of all such break-up fees,
stock options, "crown jewel" options and other lock-up fee arrangements
can never exceed $100,000,000; "Acquisition Transaction" means any
merger, consolidation or similar transaction involving, or any purchase
of all or any substantial portion of the assets, deposits or any equity
securities of, the Corporation or any of its subsidiaries; this
sentence may not be amended or deleted without the affirmative vote of
the holders of a majority of the stock of the Corporation having voting
power."
The purpose of Proposal 2 is to enable the Stockholders to prevent the
granting of excessive break-up fees, stock options, "crown jewel" options or
other lock-up fee arrangements that could deter a merger or similar
transaction maximizing stockholder value unless the Stockholders approve the
arrangement.
Each Proposal will become effective when properly completed, unrevoked and
effective consent cards (or other forms of consent) indicating consent to such
Proposal signed by the holders of record on , 1997 (the "Record Date") of a
majority of the shares of GWF Common Stock then outstanding, are delivered by
Ahmanson to GWF.
Because the Proposals will become effective only if executed consents are
returned by holders of record on the Record Date of a majority of the shares
of GWF Common Stock then outstanding, the following actions will have the same
effect as voting against the Proposals: (a) failing to execute and return a
WHITE consent card and (b) executing and returning a WHITE consent card marked
"ABSTAINS" or "WITHHOLDS CONSENT" as to each Proposal. If returned cards are
executed but not marked with respect to any Proposal, the Stockholder will be
deemed to have consented to such Proposal.
YOUR CONSENT AND PROMPT ACTION ARE IMPORTANT. YOU ARE URGED TO GRANT YOUR
CONSENT BY MARKING, SIGNING, DATING AND RETURNING THE ENCLOSED WHITE CONSENT
CARD AS SOON AS POSSIBLE.
5
<PAGE>
H.F. AHMANSON & COMPANY
H.F. Ahmanson & Company, a Delaware corporation, conducts its principal
business operations through Home Savings of America, FSB, a federally-
chartered savings bank ("Home Savings"). Although Home Savings has
traditionally focused on deposit-taking and residential real estate lending,
Home Savings has changed its focus toward becoming a full-service consumer
bank. Home Savings' acquisition of 61 First Interstate Bank branches has
accelerated Home Savings' progress toward effecting this change.
At December 31, 1996, Ahmanson had total assets of $50 billion, deposits of
$35 billion and stockholders' equity of $2.4 billion. Based on deposits,
Ahmanson was at that time the third largest depositary institution in
California and the 17th largest in the United States.
Ahmanson is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance
therewith, files reports, proxy statements and other information with the
Securities and Exchange Commission (the "Commission"). Proxy statements,
reports and other information concerning Ahmanson can be inspected at the
Commission's office at 450 Fifth Street, N.W., Washington, D.C. 20549, and at
the Commission's Regional Offices in New York, 7 World Trade Center, Suite
1300, New York, New York 10048, and Citicorp Center, 500 West Madison Street,
Chicago, Illinois 60601, and copies of such material can be obtained from such
facilities and the Public Reference Section of the Commission at 450 Fifth
Street, N.W., Washington, D.C. 20549, at prescribed rates. Certain of such
reports, proxy statements and other information are also available from the
Commission over the Internet at http://www.sec.gov. In addition such material
can be inspected at the offices of the New York Stock Exchange, 20 Broad
Street, New York, New York 10005 and the Pacific Stock Exchange, 301 Pine
Street, San Francisco, California 94104, on which certain of Ahmanson's
securities are listed.
H.F. Ahmanson & Company has its principal executive offices at 4900
Rivergrade Road, Irwindale, California 91706, telephone number (818) 960-6311.
Certain information concerning the directors and executive officers of
Ahmanson and certain employees and other representatives of Ahmanson who may
also solicit consents from Stockholders is set forth in Annex A. Certain
information concerning shares of Common Stock held by Ahmanson, its directors
and executive officers and certain employees and other representatives of
Ahmanson who may also solicit consents from Stockholders, and certain
transactions between any of them and GWF, is set forth in Annex B.
CONSENT PROCEDURES
General; Effectiveness of Consents
GWF is a Delaware corporation and is, therefore, subject to the DGCL.
Section 228 of the DGCL provides that, unless otherwise provided in the
certificate of incorporation of a corporation, any action required to be or
that may be taken at meeting of stockholders may be taken without a meeting,
without prior notice and without a vote, if written consents, setting forth
the action so taken, are signed and delivered to the corporation by the
holders of outstanding shares having not less than the minimum number of votes
that would be necessary to take such action at a meeting at which all shares
entitled to vote thereon were present and voted. The Restated Certificate of
Incorporation of GWF, as amended, does not prohibit stockholder action by
written consent.
DGCL (S)213(b) provides that, for a solicitation of consents such as the one
made hereby, if no record date has been fixed by the board of directors, the
record date for determining stockholders entitled to consent shall be the
first date on which a signed written consent setting forth the action taken or
proposed to be taken is delivered to the corporation's registered office in
Delaware, the corporation's principal place of business, or an officer or
agent of the corporation having custody of the book in which proceedings of
meetings of stockholders are
6
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recorded. On February , 1997, Ahmanson delivered an executed and dated
written consent to the Proposals, covering the shares of GWF Common Stock
owned by Ahmanson of record, in the manner required by DGCL (S)213.
Accordingly, the Record Date for the solicitation made hereby is , 1997.
Each Proposal will become effective when properly completed, unrevoked and
effective consent cards (or other forms of consent) indicating consent to such
Proposal, signed by the holders of record on the Record Date of a majority of
the shares of GWF Common Stock then outstanding, are delivered to GWF in the
manner required by the DGCL, provided that such consents are delivered within
60 days of the earliest dated consent delivered to GWF (i.e., within 60 days
of , 1997). If the Proposals are adopted pursuant to this Consent
Solicitation, prompt notice will be given pursuant to Section 228(d) of the
DGCL to Stockholders who have not executed and returned WHITE consent card.
Because the Proposals will become effective only if executed consents are
returned by holders of record on the Record Date of a majority of the shares
of Common Stock then outstanding, the following actions will have the same
effect as withholding consent to the Proposal: (a) failing to execute and
return a WHITE consent card or (b) executing and returning a consent marked
"WITHHOLDS CONSENT" or "ABSTAINS" as to each Proposal. If returned cards are
executed and dated but not marked with respect to any Proposal, the
Stockholder will be deemed to have consented to the Proposal.
Procedural Instructions
If a Stockholder is a record holder of shares of Common Stock as of the
close of business on the Record Date, such Stockholder may elect to consent
to, withhold consent to or abstain with respect to a Proposal by marking the
"CONSENTS", "WITHHOLDS CONSENT" or "ABSTAINS" box, as applicable, underneath
such Proposal on the accompanying WHITE consent card and signing, dating and
returning it promptly in the enclosed postage-paid envelope.
UNDER THE DGCL, ONLY STOCKHOLDERS OF RECORD ON THE RECORD DATE ARE ELIGIBLE
TO GIVE THEIR CONSENT TO THE PROPOSALS. THEREFORE, EACH STOCKHOLDER IS URGED,
EVEN IF SUCH STOCKHOLDER HAS SOLD ITS SHARES SUBSEQUENT TO THE RECORD DATE, TO
GRANT ITS CONSENT PURSUANT TO THE ENCLOSED WHITE CONSENT CARD WITH RESPECT TO
ALL SHARES HELD AS OF THE RECORD DATE. A STOCKHOLDER'S FAILURE TO CONSENT MAY
ADVERSELY AFFECT THOSE WHO CONTINUE TO BE STOCKHOLDERS. IN ADDITION, ANY
STOCKHOLDER OWNING SHARES BENEFICIALLY (BUT NOT OF RECORD), SUCH AS A PERSON
WHOSE OWNERSHIP OF SHARES IS THROUGH A BROKER, BANK OR OTHER FINANCIAL
INSTITUTION, SHOULD CONTACT THAT BROKER, BANK OR FINANCIAL INSTITUTION WITH
INSTRUCTIONS TO EXECUTE THE WHITE CONSENT CARD ON SUCH STOCKHOLDER'S BEHALF OR
TO HAVE THE BROKER, BANK OR FINANCIAL INSTITUTION'S NOMINEE EXECUTE THE
CONSENT. EACH STOCKHOLDER IS URGED TO ENSURE THAT THE RECORD HOLDER OF SUCH
STOCKHOLDER'S SHARES MARKS, SIGNS, DATES AND RETURNS THE ENCLOSED WHITE
CONSENT CARD AS SOON AS POSSIBLE. EACH STOCKHOLDER IS FURTHER URGED TO CONFIRM
IN WRITING ANY INSTRUCTIONS GIVEN AND PROVIDE A COPY THEREOF TO AHMANSON IN
CARE OF MACKENZIE PARTNERS, INC., SO THAT AHMANSON MAY ALSO ATTEMPT TO ENSURE
SUCH INSTRUCTIONS ARE FOLLOWED.
Revocation of Consents
Executed consents may be revoked at any time, provided that a written, dated
revocation which clearly identifies the consent being revoked is executed and
delivered either to (a) Ahmanson in care of MacKenzie Partners, Inc. at 156
Fifth Avenue, New York, New York 10010, or (b) the principal executive offices
of GWF at 9200 Oakdale Avenue, Chatsworth, California 91311, prior to the time
that the Proposals become effective. A revocation may be in any written form
validly signed by the record holder as of the Record Date as long as it
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clearly states that the consent previously given is no longer effective.
Ahmanson requests that a copy of any revocation sent to GWF be given to
Ahmanson at the above address so that Ahmanson may more accurately determine
if and when consent to each Proposal has been received from the holders of
record on the Record Date of a majority of the shares of GWF Common Stock then
outstanding.
Appraisal Rights
No appraisal rights are or will be available under the DGCL in connection
with the Proposals or the Proposed Merger. Executing a written consent in
favor of the Proposals will not prevent a Stockholder from subsequently
demanding appraisal of such Stockholder's shares of Common Stock in connection
with the consummation of a merger pursuant to any other proposal for which
appraisal rights are available under the DGCL.
8
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OWNERSHIP OF GWF COMMON STOCK
Each share of GWF Common Stock is entitled to one vote, and the GWF Common
Stock is the only class of securities of GWF currently entitled to vote.
According to GWF's Form 10-K for the fiscal year ended December 31, 1995,
there were approximately 9,415 holders of record of shares of GWF Common Stock
as of December 31, 1995, and according to the Form 10-Q for the period ending
September 30, 1996, there were 137,710,442 shares of GWF Common Stock
outstanding as of October 31, 1996. Stockholders of GWF do not have cumulative
voting rights.
The following table sets forth the share ownership of all persons who, as of
December 31, 1995, owned beneficially more than 5% of GWF's outstanding shares
of Common Stock known to GWF, as reported in GWF's Proxy Statement dated March
21, 1996. There may have been material changes since that date.
<TABLE>
<CAPTION>
AMOUNT AND NATURE OF PERCENT OF
BENEFICIAL OWNERSHIP OF OUTSTANDING
NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OF COMMON STOCK COMMON STOCK
- ------------------------------------ ----------------------- ------------
<S> <C> <C>
Wellington Management Company............. 10,858,257 (1) 7.95%
75 State Street
Boston, Massachusetts 02109
Vanguard/Windsor Funds, Inc. ............. 10,242,693 (2) 7.50%
Vanguard Financial Center
Valley Forge, Pennsylvania 19482
All Directors and Executive Officers as a
Group (16)............................... 2,550,636 (3) 1.86%
</TABLE>
- --------
(1) Wellington Management Company ("WMC") has reported that it is an
investment adviser and, as such, is considered beneficial owner in the
aggregate of the shares listed in the table. WMC has declared that it has
shared power to vote 4,902 of the shares and shared dispositive power over
all of the shares shown in the table. The shares shown in the table for
the Vanguard/Windsor Funds, Inc. are also included in the total amount
reported in the table for WMC.
(2) Vanguard/Windsor Funds, Inc. ("Vanguard/Windsor") has reported that it is
an investment company and, as such, is considered the beneficial owner in
the aggregate of the shares listed in the table. Vanguard/Windsor has
declared that it has sole power to vote or direct the vote and shared
power to dispose or to direct the disposition of the shares shown in the
table.
(3) The amount in the table includes options to purchase 1,676,135 shares
under employee stock options which are exercisable on or within 60 days
after February 29, 1996, and 2,132 shares held in trust under the Employee
Savings Incentive Plan with respect to which such persons have the right
to direct the vote.
For information relating to the ownership of Common Stock by the current
directors and officers of GWF, see Annex C hereto.
Although Ahmanson has included information concerning GWF in this Consent
Statement (including Annex C hereto) insofar as it is known or reasonably
available to Ahmanson, Ahmanson is not currently affiliated with GWF and GWF
has not to date permitted access by Ahmanson to GWF's books and records.
Therefore, information concerning GWF which has not been made public is not
available to Ahmanson. Although Ahmanson has no knowledge that would indicate
that statements relating to GWF contained in this Consent Statement in
reliance upon publicly available information are inaccurate or incomplete,
Ahmanson was not involved in the preparation of such information and
statements and,for the foregoing reasons is not in a position to verify any
such information or statements. Accordingly, Ahmanson takes no responsibility
for the accuracy of such information or statements.
The proxy statement of GWF, dated March 21, 1996, contains additional
information concerning the GWF Common Stock, beneficial ownership of the GWF
Common Stock by and other information concerning GWF's directors and officers,
compensation paid to executive officers, and the principal holders of GWF
Common Stock.
9
<PAGE>
SOLICITATION OF CONSENTS
Consents will be solicited by mail, telephone, telegraph, telex, telecopier,
advertisement and in person. Solicitation may be made by directors, officers,
investor relations personnel and other regular employees of Ahmanson. No such
employees will receive additional compensation for such solicitation.
Banks, brokerage houses and other custodians, nominees and fiduciaries will
be requested to forward the solicitation materials to the beneficial owners of
GWF Common Stock for which they hold of record and Ahmanson will reimburse
them for their reasonable out-of-pocket expenses.
In addition, Ahmanson has retained MacKenzie Partners, Inc. to assist and to
provide advisory services in connection with this Consent Solicitation for
which MacKenzie Partners, Inc. will be paid a fee of not more than $ and
will be reimbursed for reasonable out-of-pocket expenses. It is anticipated
that approximately 100 persons will be employed by MacKenzie Partners, Inc. to
solicit consents. Ahmanson will indemnify MacKenzie Partners, Inc. against
certain liabilities and expenses in connection with the Consent Solicitation,
including liabilities under the federal securities laws.
Credit Suisse First Boston Corporation ("CSFB") and Montgomery Securities
("Montgomery Securities") are providing certain financial advisory services to
Ahmanson in connection with, among other things, the Proposed Merger and the
Consent Solicitation. Ahmanson has agreed to pay customary financial advisory
and transaction fees to each of CSFB and Montgomery Securities in connection
with the Proposed Merger. Ahmanson has also agreed to reimburse each of CSFB
and Montgomery Securities for its reasonable out-of-pocket expenses, including
the fees and expenses of its legal counsel, incurred in furtherance of the
financial advisory services to be provided to Ahmanson in connection with its
engagement, and has agreed to indemnify each of CSFB and Montgomery Securities
and certain related persons and entities against certain liabilities and
expenses in connection with its engagement, including certain liabilities
under the federal securities laws. In connection with CSFB's and Montgomery
Securities' engagement as financial advisors, Ahmanson anticipates that
certain employees of each of CSFB and Montgomery Securities may communicate in
person, by telephone or otherwise with a limited number of institutions,
brokers or other persons who are Stockholders for the purpose of assisting in
the Consent Solicitation. CSFB and Montgomery Securities will not receive any
fee for or in connection with such solicitation activities by their respective
employees apart from the fees they are otherwise entitled to receive as
described above.
The expenses related directly to the Consent Solicitation are expected to
aggregate $ and will be borne by Ahmanson. These expenses include any fees
and expenses for attorneys, public relations and financial advisers,
solicitors, advertising, printing, transportation, litigation and other costs
incidental to the solicitation, but exclude costs represented by salaries and
wages of regular employees and officers of Ahmanson and expenses related
primarily to the Proposed Merger. Of the above stated amount, approximately
$ has been spent to date. Ahmanson does not intend to seek reimbursement of
its expenses related to the Consent Solicitation from GWF whether or not the
Consent Solicitation is successful.
Ahmanson assumes no responsibility for the accuracy or completeness of any
information contained herein which is based on, or incorporated by reference
to, the GWF Proxy Statement.
If you have any questions concerning this Consent Solicitation or the
procedures to be followed to execute and deliver a consent, please contact
MacKenzie Partners, Inc. at the address or phone number specified below. YOUR
CONSENT AND PROMPT ACTION ARE IMPORTANT. YOU ARE URGED TO GRANT YOUR CONSENT
BY MARKING, SIGNING, DATING AND RETURNING THE ENCLOSED WHITE CONSENT CARD AS
SOON AS POSSIBLE.
H.F. AHMANSON & COMPANY
February , 1997
10
<PAGE>
- --------------------------------------------------------------------------------
MACKENZIE PARTNERS, INC.
156 FIFTH AVENUE
NEW YORK, NEW YORK 10010
BANKERS AND BROKERS CALL COLLECT: (212) 929-5500
ALL OTHERS CALL TOLL-FREE: (800) 322-2885
- --------------------------------------------------------------------------------
11
<PAGE>
ANNEX A
INFORMATION CONCERNING THE DIRECTORS
AND EXECUTIVE OFFICERS OF AHMANSON
AND CERTAIN EMPLOYEES AND OTHER REPRESENTATIVES OF
AHMANSON WHO MAY ALSO SOLICIT CONSENTS
The following table sets forth the name, principal business address and the
present office or other principal occupation or employment, and the name,
principal business and address of any corporation or other organization in
which such employment is carried on, of the directors and executive officers
of Ahmanson and certain employees and other representatives of Ahmanson who
may also solicit consents from stockholders of GWF.
DIRECTORS, EXECUTIVE OFFICERS, CERTAIN EMPLOYEES AND OTHER REPRESENTATIVES OF
AHMANSON
<TABLE>
<CAPTION>
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
------------------ ----------------------------------
<S> <C>
Byron Allumbaugh........ Retired Chairman of the Board of Ralphs Grocery
620 Newport Center Drive Company, a Los Angeles-based supermarket company;
Suite 1100 director of El Paso Natural Gas Company and Ultramar
Newport Beach, CA 92660 Corp.
Harold A. Black......... James F. Smith Professor of Financial Institutions at
Department of Finance the College of Business Administration at the
431 Stokely Management University of Tennessee, Knoxville
Center
University of Tennessee,
Knoxville
Knoxville, TN 37996
Richard M. Bressler..... Retired Chairman of the Board of Plum Creek Management
El Paso Natural Gas Company, a manufacturer of lumber and wood products,
Company and retired Chairman of the Board of El Paso Natural
999 Third Avenue, Suite Gas Company, a natural resources company; director of
2300 General Mills, Inc. and Rockwell International
Seattle, WA 98104 Corporation
David R. Carpenter...... Retired Chairman and Chief Executive Officer of
The Darcy Company Transamerica Occidental Life Insurance Company and
3400 Riverside Drive Executive Vice President of the parent company,
Burbank, CA 91505 Transamerica Corporation; Chairman of UniHealth;
director of PacifiCare
Phillip D. Matthews..... Chairman of the Board of Wolverine World Wide, Inc., a
Matthews, Mullaney & NYSE footwear company; Chairman and part owner of
Company Reliable Company; director of Bell Sports and Panda
70 South Lake Avenue, Management Company
Suite 630
Pasadena, CA 91101
Richard L. Nolan........ MBA Class of 1942 Professor of Business Administration
Graduate School of at the Graduate School of Business Administration at
Business Administration Harvard University; director of Xcellenet Inc.
Harvard University
Baker West 181
Soldiers Field
Boston, MA 02163
Delia M. Reyes.......... President and Chief Executive Officer of Reyes
Reyes Consulting Group Consulting Group, a market research and consulting
14677 Midway Road, Suite firm
201 Dallas, TX 75244
</TABLE>
A-1
<PAGE>
<TABLE>
<CAPTION>
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
------------------ ----------------------------------
<S> <C>
Charles R. Rinehart..... Chairman of the Board and Chief Executive Officer of
4900 Rivergrade Road Ahmanson; Chairman of the Board and Chief Executive
Irwindale, CA 91706 Officer of Home Savings of America, FSB
Frank M. Sanchez........ Owner and operator of eight McDonald's franchises;
5234 Via San Delano #1 director of the Los Angeles Chamber of Commerce, the
Los Angeles, CA 90022 Los Angeles Amateur Athletic Foundation, and
California State University at Los Angeles foundation
Elizabeth A. Sanders.... Business consultant; director of Flagstar Companies
P. O. Box 14 Inc., Wal-Mart Stores, Inc. and Wolverine World Wide,
Sutter Creek, CA 95685 Inc.
Arthur W. Schmutz....... Retired partner of Gibson, Dunn & Crutcher LLP, a law
Gibson, Dunn & Crutcher firm; director of Ducommun Incorporated
LLP
333 South Grande Avenue,
Suite 4550
Los Angeles, CA 90071
William D. Schulte...... Retired Vice Chairman of KPMG Peat Marwick LLP, a firm
KPMG Peat Marwick LLP of independent certified public accountants; director
725 South Figueroa of Santa Anita Operating Company, Santa Anita Realty
Street, Enterprises, Inc. and Vastar Resources, Inc.
Suite 2900
Los Angeles, CA 90071
Bruce G. Willison....... President and Chief Operating Officer of Ahmanson and
4900 Rivergrade Road Home Savings of America, FSB
Irwindale, CA 91706
Kevin M. Twomey......... Senior Executive Vice President and Chief Financial
4900 Rivergrade Road Officer of Ahmanson and Vice Chairman and Chief
Irwindale, CA 91706 Financial Officer Home Savings of America, FSB
Anne-Drue M. Anderson... Executive Vice President and Treasurer of Ahmanson and
4900 Rivergrade Road Home Savings of America, FSB
Irwindale, CA 91706
Madeleine A. Kleiner.... Senior Executive Vice President, General Counsel and
4900 Rivergrade Road Secretary of Ahmanson and Senior Executive Vice
Irwindale, CA 91706 President and General Counsel of Home Savings of
America, FSB
E. Nancy Markle......... Executive Vice President of Ahmanson and Home Savings
4900 Rivergrade Road of America, FSB
Irwindale, CA 91706
George Miranda.......... First Vice President and Principal Accounting Officer
4900 Rivergrade Road of Ahmanson and Home Savings of America, FSB
Irwindale, CA 91706
</TABLE>
A-2
<PAGE>
<TABLE>
<CAPTION>
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
------------------ ----------------------------------
<S> <C>
Eric Warmstein................. Director of Corporate Development of Ahmanson
4900 Rivergrade Road
Irwindale, CA 91706
Stephen Swartz................. Senior Vice President and Director of Investor
4900 Rivergrade Road Relations of Ahmanson
Irwindale, CA 91706
Credit Suisse First Boston
Corporation
11 Madison Avenue
New York, New York 10010
Michael E. Martin............ Managing Director
Oliver P. Sarkozy............ Director
Eric J. Clark................ Associate
Credit Suisse First Boston
Corporation
333 Grand Avenue, Suite 2200
Los Angeles, California 90071
Mark S. Maron................ Managing Director
Andrew C. Rosenburgh......... Vice President
Brian J. Cullen.............. Analyst
Montgomery Securities
600 Montgomery Street
San Francisco, California 94111
Dick Fredericks.............. Senior Managing Director
Alan Rothenberg.............. Senior Consultant
Robert Huret................. Senior Consultant
William Pan.................. Associate
</TABLE>
A-3
<PAGE>
ANNEX B
SHARES OF GWF COMMON STOCK HELD BY AHMANSON, ITS
DIRECTORS AND EXECUTIVE OFFICERS AND CERTAIN EMPLOYEES AND
OTHER REPRESENTATIVES OF AHMANSON WHO MAY ALSO SOLICIT CONSENTS,
AND CERTAIN TRANSACTIONS BETWEEN ANY OF THEM AND GWF
Ahmanson purchased 100 shares of GWF Common Stock on February 13, 1997 for
$32.50 per share (excluding mark-ups or commissions). No part of the purchase
price or market value of any of the shares described in this paragraph was
represented by funds borrowed or otherwise obtained for the purpose of
acquiring or holding such shares. Ahmanson does not beneficially own any other
shares of GWF Common Stock.
Each of CSFB and Montgomery Securities engages in a full range of investment
banking, securities trading, market-making and brokerage services for
institutional and individual clients. In the normal course of their business,
CSFB and Montgomery Securities may trade securities of GWF for their own
account and the accounts of their customers and, accordingly, may at any time
hold a long or short position in such securities. As of February 14, 1997,
CSFB held a net long position of 24 shares and Montgomery Securities held no
shares of GWF Common Stock. Additionally, in the normal course of their
business, CSFB and Montgomery Securities finance their securities positions by
bank and other borrowings and repurchase and securities borrowing
transactions. To the knowledge of Ahmanson, none of such borrowings were
intended specifically for the purpose of purchasing securities of GWF. Neither
CSFB nor Montgomery Securities admit that they or any of their directors,
officers, employees or affiliates are a "participant," as defined in Schedule
14A promulgated under the Exchange Act by the Commission, in the solicitation
to which this Consent Statement relates or that such Schedule 14A requires the
disclosure in this Consent Statement of certain information concerning CSFB
and Montgomery Securities.
In addition to the fees to be received by CSFB and Montgomery Securities in
connection with their engagement as financial advisors to Ahmanson described
in this Consent Statement, CSFB has rendered various investment banking and
financial advisory services for Ahmanson for which it has received customary
compensation.
Except as disclosed in this Consent Statement, none of Ahmanson, the
directors or executive officers of Ahmanson or the employees or other
representatives of Ahmanson named in Annex A owns any securities of GWF or any
subsidiary of GWF, beneficially or of record, has purchased or sold any such
securities within the past two years or is or was within the past year a party
to any contract, arrangement or understanding with any person with respect to
such securities. Except as disclosed in this Consent Statement, to the best
knowledge of Ahmanson, its directors or executive officers and the employees
and other representatives of Ahmanson named in Annex A, none of their
associates beneficially owns, directly or indirectly, any securities of GWF.
Except as disclosed in this Consent Statement, none of Ahmanson, its
directors or executive officers of Ahmanson or the employees or other
representatives of Ahmanson named in Annex A, or, to their best knowledge,
their associates has any arrangement or understanding with any person (1) with
respect to any future employment by GWF or its affiliates or (2) with respect
to future transactions to which GWF or any of its affiliates will or may be a
party, nor any material interest, direct or indirect, in any transaction that
has occurred since January 1, 1996 or any currently proposed transaction, or
series of similar transactions, in which GWF or any of its affiliates was or
is to be a party and in which the amount involved exceeds $60,000. Certain
directors and executive officers of Ahmanson and/or its associates may also be
directors or officers of other companies and organizations that have engaged
in transactions with Ahmanson or its subsidiaries in the ordinary course of
business since January 1, 1996, but Ahmanson believes that the interest of
such persons in such transactions is not of material significance.
B-1
<PAGE>
ANNEX C
SHARES OF GWF HELD BY
DIRECTORS AND EXECUTIVE OFFICERS OF GWF
The following table sets forth as of February 29, 1996 the number of shares
of GWF Common Stock beneficially owned by each director, the chief executive
officer and each of the five other most highly compensated executive officers
(and by all directors and executive officers as a group) of GWF. The
information contained in the table is derived from information contained in
GWF's Proxy Statement dated March 21, 1996.
<TABLE>
<CAPTION>
PERCENT OF
AMOUNT AND NATURE OF OUTSTANDING
BENEFICIAL OWNERSHIP OF GWF COMMON
NAME OF BENEFICIAL OWNER SHARES OF COMMON STOCK STOCK
------------------------ ----------------------- -----------
<S> <C> <C>
David Alexander............................. 20,175(2) (1)
H. Frederick Christie....................... 23,750(2) (1)
Charles D. Miller........................... 27,500(2) (1)
Stephen E. Frank............................ 8,250(3) (1)
John V. Giovenco............................ 38,750(2) (1)
Firmin A. Gryp.............................. 101,144(2)(4) (1)
Enrique Hernandez, Jr. ..................... 6,750(3) (1)
James F. Montgomery......................... 788,613(5) (1)
Alberta E. Siegel........................... 22,500(2) (1)
Willis B. Wood, Jr. ........................ 14,250(6) (1)
John F. Maher............................... 609,213(7) (1)
Eugene A. Crane............................. 256,601(8) (1)
J. Lance Erikson............................ 127,122(9) (1)
Carl F. Geuther............................. 233,505(10) (1)
Michael M. Pappas........................... 251,296(11) (1)
A. William Schenck, III..................... 21,218 (1)
</TABLE>
- --------
(1) Certain executive officers share with their spouses voting and investment
powers with respect to these shares. The percentage of shares beneficially
owned by any executive officer does not exceed one percent of GWF's common
stock so owned.
(2) Includes 18,750 shares subject to options granted to this Director under
the 1988 Stock Option and Incentive Plan (the "1988 Incentive Plan") which
are exercisable within 60 days of February 29, 1996.
(3) Includes 6,250 shares subject to options granted to this Director under
the 1988 Incentive Plan which are exercisable within 60 days of February
29, 1996.
(4) Includes 112 shares held by the trustee under the Employee Savings
Incentive Plan.
(5) Includes 593,750 shares subject to options exercisable within 60 days of
February 29, 1996 and 945 shares held by the Trustee under the Employee
Savings Incentive Plan.
(6) Includes 13,750 shares subject to options granted to this Director under
the 1988 Incentive Plan which are exercisable within 60 days of February
29, 1996.
(7) Includes 383,542 shares subject to options granted to this Director under
the 1988 Incentive Plan which are exercisable within 60 days of February
29, 1996 and 25 shares held by the Trustee under the Employee Savings
Incentive Plan.
(8) Includes 180,083 shares subject to options exercisable within 60 days of
February 29, 1996 and 938 shares held by the Trustee under the Employee
Savings Incentive Plan.
(9) Includes 104,010 shares subject to options exercisable within 60 days of
February 29, 1996 and 112 held by the Trustee under the Employee Savings
Incentive Plan.
(10) Includes 188,500 shares subject to options exercisable within 60 days of
February 29, 1996.
(11) Includes 187,500 share subject to options exercisable within 60 days of
February 29, 1996.
C-1
<PAGE>
PRELIMINARY COPY--SUBJECT TO COMPLETION, DATED FEBRUARY 18, 1997
[FORM OF CONSENT CARD-WHITE]
GREAT WESTERN FINANCIAL CORPORATION
CONSENT SOLICITED BY H.F. AHMANSON & COMPANY
TO ACTION OF STOCKHOLDERS OF GREAT WESTERN FINANCIAL CORPORATION WITHOUT A
MEETING
Unless otherwise specified below, the undersigned, a holder of record of
shares of Common Stock, par value $1.00 per share (the "Common Stock"), of
Great Western Financial Corporation ("GWF") on February , 1997 (the "Record
Date"), hereby consents pursuant to Section 228 of the Delaware General
Corporation Law, with respect to all of the shares of Common Stock held by the
undersigned, to the adoption of each of the following proposals (collectively,
the "Proposals") without a meeting of the stockholders of GWF:
IF RETURNED CARDS ARE EXECUTED AND DATED BUT NOT MARKED WITH RESPECT TO ANY
PROPOSAL, THE UNDERSIGNED WILL BE DEEMED TO HAVE CONSENTED TO SUCH PROPOSAL.
PROPOSAL 1:
Adopt the following non-binding resolution:
"RESOLVED, that the stockholders of Great Western Financial
Corporation ("Great Western") urge the Great Western Board of
Directors (the "Great Western Board") to consider any bona fide and
concrete merger proposal received by Great Western by May 22, 1997
and, if no proposal superior to the H.F. Ahmanson & Company
("Ahmanson") merger proposal (set forth in Ahmanson's letter to
Great Western, dated February 17, 1997) is received, to enter into a
merger agreement with Ahmanson in accordance with the Ahmanson
merger proposal and take all actions necessary to facilitate such
merger. In determining whether another merger proposal is superior
to the Ahmanson merger proposal, the Great Western Board shall take
into account the potential that the Great Western stockholders will
receive a substantial portion of the value of the cost savings
resulting from a merger with Ahmanson."
[_] CONSENTS [_] WITHHOLDS CONSENT [_] ABSTAINS
PROPOSAL 2:
Amend Section 13 of the By-laws of GWF by inserting immediately
before the penultimate sentence thereof the following sentence:
"The Board of Directors may not, without prior approval of a
majority of the stockholders of the Corporation having voting power,
grant a third party break-up fees, stock options, "crown jewel"
options or other lock-up arrangements in connection with an
"Acquisition Transaction" as hereinafter defined, unless such
agreement contains a provision ensuring that the aggregate value of
all such break-up fees, stock options, "crown jewel" options and
other lock-up arrangements can never exceed $100,000,000;
"Acquisition Transaction" means any merger, consolidation or similar
transaction involving, or any purchase of all or any substantial
portion of the assets, deposits or any equity securities of, the
Corporation or any of its subsidiaries; this sentence may not be
amended or deleted without the affirmative vote of the holders of a
majority of the stock of the Corporation having voting power."
[_] CONSENTS [_] WITHHOLDS CONSENT [_] ABSTAINS
Consents can only be given by the Stockholder of record on the Record Date.
Please sign your name below exactly as it appears on your stock certificate(s)
on the Record Date or on the label affixed hereto. If shares are held jointly,
each Stockholder should sign. When signing as attorney, executor,
administrator, trustee or guardian, please give full title as such. If a
corporation, please sign in full corporate name by president or authorized
officer. If a partnership, please sign in partnership name by authorized
person.
Dated: , 1997
_____________________________
Signature
Title
_____________________________
Signature (if held jointly)
Title
PLEASE MARK, SIGN, DATE AND RETURN YOUR CONSENT PROMPTLY.
