DFAN14A 1 0001.txt ADDITIONAL PROXY MATERIAL 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 Filed by the Registrant /_/ Filed by a Party other than the Registrant /X/ Check the appropriate box: / / Preliminary Proxy Statement /_/ Confidential, for Use of the Commission Only (as permitted by 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 ------------------------------------------- (Name of Registrant as Specified in Its Charter) PACIFIC PARTNERS, LLC ------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy 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: Not applicable ----------------------------------------------------------------------- (2) Aggregate number of securities to which transaction applies: Not applicable ----------------------------------------------------------------------- (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) Not applicable ----------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: Not applicable ----------------------------------------------------------------------- (5) Total fee paid: Not applicable ----------------------------------------------------------------------- /_/ 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 of schedule and the date of its filing. (1) Amount Previously Paid: Not applicable ----------------------------------------------------------------------- (2) Form, Schedule or Registration Statement No.: Not applicable ----------------------------------------------------------------------- (3) Filing Party: Not applicable ----------------------------------------------------------------------- (4) Date Filed: Not applicable ----------------------------------------------------------------------- Graph depicting Del Webb share price during rumors of potential takeover in early 1998 Date Share price Comment -------------------------------------------------------------------------------- 1/1/98 $26.00 1/2/98 $26.00 1/5/98 $26.00 1/6/98 $25.63 1/7/98 $25.44 1/8/98 $25.50 1/9/98 $24.69 1/12/98 $25.44 1/13/98 $25.88 1/14/98 $25.75 1/15/98 $25.75 1/16/98 $25.88 1/19/98 $25.88 1/20/98 $27.06 1/21/98 $26.63 1/22/98 $26.63 1/23/98 $26.19 1/26/98 $26.69 1/27/98 $26.88 1/28/98 $27.81 1/29/98 $27.06 1/30/98 $27.06 2/2/98 $27.56 2/3/98 $27.50 2/4/98 $27.56 2/5/98 $27.38 2/6/98 $27.56 2/9/98 $27.63 2/10/98 $26.88 2/11/98 $27.00 2/12/98 $27.38 2/13/98 $27.50 2/16/98 $27.50 2/17/98 $27.50 2/18/98 $27.75 2/19/98 $28.63 2/20/98 $31.00 2/20/98 - Rumors of possible takeover of WBB surface; shares rise 8.3% to 20-year high on volume of 376,000 2/23/98 $31.75 2/24/98 $31.81 2/25/98 $34.63 2/25/98 - WBB reports that it has been in discussions to sell the company for stock and cash valued in the low $30s (speculators were expecting more) 2/26/98 $32.00 2/27/98 $32.00 3/2/98 $31.31 3/2/98 - WBB announces that discussions with unnamed acquirer have ended (market believes a deal with other acquirers is still possible) 3/3/98 $30.81 3/4/98 $31.00 3/5/98 $30.13 3/6/98 $30.13 3/9/98 $29.88 3/10/98 $30.06 3/11/98 $30.81 3/12/98 $30.19 3/13/98 $30.19 3/16/98 $30.88 3/17/98 $29.50 3/18/98 $29.63 3/19/98 $29.81 3/20/98 $30.00 3/23/98 $30.13 3/24/98 $31.19 3/25/98 $31.00 3/26/98 $30.88 3/27/98 $31.44 3/30/98 $30.75 3/31/98 $30.50 4/1/98 $29.88 4/2/98 $29.44 4/3/98 $29.31 4/6/98 $28.88 4/7/98 $27.50 4/8/98 $28.69 4/9/98 $29.00 4/10/98 $29.00 4/13/98 $29.06 4/14/98 $28.88 4/15/98 $29.50 4/16/98 $29.00 4/17/98 $29.13 4/20/98 $28.75 4/21/98 $27.81 4/22/98 $28.44 4/23/98 $27.81 Graph depicting share price of Del Webb amid Pacific Partners and Shea Homes discussions of increased shareholder value Date Share price Comment -------------------------------------------------------------------------------- 4/21/00 $13.94 4/24/00 $13.44 4/25/00 $13.75 4/26/00 $14.19 4/27/00 $14.38 4/28/00 $14.94 5/1/00 $15.56 5/2/00 $15.31 5/3/00 $14.81 5/4/00 $14.63 5/5/00 $14.94 5/8/00 $14.63 5/9/00 $14.81 5/10/00 $14.69 5/11/00 $14.81 5/12/00 $14.81 5/15/00 $15.13 5/16/00 $15.25 5/17/00 $15.38 5/18/00 $15.69 5/19/00 $15.56 5/22/00 $15.50 5/23/00 $15.50 5/24/00 $15.44 5/25/00 $15.44 5/26/00 $15.06 5/29/00 $15.06 5/30/00 $15.06 5/31/00 $15.25 6/1/00 $15.00 6/2/00 $15.38 6/5/00 $15.31 6/6/00 $15.25 6/7/00 $15.25 6/8/00 $15.31 6/9/00 $15.25 6/12/00 $15.25 6/13/00 $15.19 6/14/00 $15.00 6/15/00 $15.13 6/16/00 $14.94 6/19/00 $15.00 6/20/00 $15.00 6/21/00 $15.00 6/22/00 $14.81 6/23/00 $14.63 6/26/00 $14.81 6/27/00 $14.63 6/28/00 $14.81 6/29/00 $15.13 6/30/00 $15.31 7/3/00 $15.13 7/4/00 $15.13 7/5/00 $14.81 7/6/00 $15.13 7/7/00 $15.19 7/10/00 $15.25 7/11/00 $15.13 7/12/00 $14.94 7/13/00 $14.81 7/14/00 $14.75 7/17/00 $14.88 7/18/00 $14.63 7/19/00 $14.56 7/20/00 $14.75 7/21/00 $15.13 7/24/00 $14.75 7/25/00 $15.13 7/26/00 $14.94 7/27/00 $15.19 7/28/00 $14.81 7/31/00 $15.25 8/1/00 $15.19 8/2/00 $15.06 8/3/00 $14.81 8/4/00 $15.31 8/7/00 $18.00 8/7/00 - SSB upgrades its ratings on several companies in the homebuilding industry from "buy" to "outperform" 8/8/00 $19.44 8/9/00 $19.13 8/10/00 $19.38 8/11/00 $20.00 8/11/00 - SSB rates WBB new "buy" in new coverage with a price target of $33 8/14/00 $19.94 8/15/00 $19.31 8/16/00 $19.38 8/17/00 $19.56 8/17/00 - Pacific Partners files 13D after acquiring 5.3% of WBB shares 8/18/00 $20.31 8/21/00 $20.94 8/22/00 $20.56 8/23/00 $20.38 8/24/00 $19.88 8/25/00 $19.75 8/28/00 $19.38 8/29/00 $20.38 8/30/00 $20.75 8/31/00 $22.38 9/1/00 $23.00 9/4/00 $23.00 9/5/00 $22.63 9/6/00 $21.44 9/7/00 $21.69 9/8/00 $22.75 9/8/00 - Avatar Holdings files 13D after acquiring 5.1% of WBB shares; considering the possibility of a "business combination" 9/11/00 $23.00 9/12/00 $23.00 9/13/00 $23.44 9/14/00 $23.13 9/15/00 $23.06 9/18/00 $23.00 9/19/00 $22.19 9/20/00 $22.69 9/21/00 $22.25 9/22/00 $22.31 9/25/00 $27.25 9/25/00 - WBB discloses $30 buyout offer from Shea; the $30 offer is contingent upon due diligence 9/26/00 $28.94 9/27/00 $28.00 9/28/00 $27.81 9/29/00 $27.75 10/2/00 $27.81 10/3/00 $27.63 10/4/00 $27.56 10/5/00 $27.56 10/6/00 $27.56 10/9/00 $27.94 10/10/00 $27.50 10/11/00 $26.88 10/12/00 $24.56 10/13/00 $25.19 10/16/00 $26.06 10/16/00 - WBB announces that it expects earnings per share to be at least 83 cents for the quarter ended 9/30/00 versus 72 cents for the quarter ended 9/30/99 10/17/00 $24.88 10/18/00 $25.25 10/19/00 $25.00 10/20/00 $25.94 10/23/00 $25.94 10/24/00 $27.63 10/24/00 - WBB reports earnings per share of 89 cents for the quarter ended 9/30/00 10/25/00 $25.25 10/25/00 - Shea announces that it will withdraw its $30 buyout offer if WBB shareholders vote for management's slate of directors rather than the slate put forth by Pacific Partners Source: IDD Information Services Graph depicting Del Webb market share price versus book value per share from September 30, 1999 to October 24, 2000 Date Book value per share(1) Market share price --------------------------------------------------------------- 9/30/99 $23.02 $22.00 10/1/99 $23.02 $21.63 10/4/99 $23.02 $21.88 10/5/99 $23.02 $21.56 10/6/99 $23.02 $21.56 10/7/99 $23.02 $21.63 10/8/99 $23.02 $21.50 10/11/99 $23.02 $21.81 10/12/99 $23.02 $21.56 10/13/99 $23.02 $21.50 10/14/99 $23.02 $21.81 10/15/99 $23.02 $21.50 10/18/99 $23.02 $21.56 10/19/99 $23.02 $21.44 10/20/99 $23.02 $20.94 10/21/99 $23.02 $20.56 10/22/99 $23.02 $20.81 10/25/99 $23.02 $21.44 10/26/99 $23.02 $21.38 10/27/99 $23.02 $21.63 10/28/99 $23.02 $22.25 10/29/99 $23.02 $22.06 11/1/99 $23.02 $22.63 11/2/99 $23.02 $22.94 11/3/99 $23.02 $22.63 11/4/99 $23.02 $22.69 11/5/99 $23.02 $23.00 11/8/99 $23.02 $22.38 11/9/99 $23.02 $22.13 11/10/99 $23.02 $21.50 11/11/99 $23.02 $21.44 11/12/99 $23.02 $21.50 11/15/99 $23.02 $21.25 11/16/99 $23.02 $22.63 11/17/99 $23.02 $22.81 11/18/99 $23.02 $23.00 11/19/99 $23.02 $22.44 11/22/99 $23.02 $22.88 11/23/99 $23.02 $23.00 11/24/99 $23.02 $23.00 11/25/99 $23.02 $23.00 11/26/99 $23.02 $23.06 11/29/99 $23.02 $23.06 11/30/99 $23.02 $22.88 12/1/99 $23.02 $22.88 12/2/99 $23.02 $22.94 12/3/99 $23.02 $23.19 12/6/99 $23.02 $22.38 12/7/99 $23.02 $22.63 12/8/99 $23.02 $22.75 12/9/99 $23.02 $23.00 12/10/99 $23.02 $23.13 12/13/99 $23.02 $23.06 12/14/99 $23.02 $22.63 12/15/99 $23.02 $22.38 12/16/99 $23.02 $22.19 12/17/99 $23.02 $24.00 12/20/99 $23.02 $23.19 12/21/99 $23.02 $23.56 12/22/99 $23.02 $23.38 12/23/99 $23.02 $23.19 12/24/99 $23.02 $23.19 12/27/99 $23.02 $23.00 12/28/99 $23.02 $23.94 12/29/99 $23.02 $24.00 12/30/99 $23.02 $24.38 12/31/99 $23.76 $24.88 1/3/00 $23.76 $24.00 1/4/00 $23.76 $22.88 1/5/00 $23.76 $23.25 1/6/00 $23.76 $23.44 1/7/00 $23.76 $23.56 1/10/00 $23.76 $23.50 1/11/00 $23.76 $23.25 1/12/00 $23.76 $22.75 1/13/00 $23.76 $22.88 1/14/00 $23.76 $23.13 1/17/00 $23.76 $23.13 1/18/00 $23.76 $22.94 1/19/00 $23.76 $23.00 1/20/00 $23.76 $21.25 1/21/00 $23.76 $21.06 1/24/00 $23.76 $20.63 1/25/00 $23.76 $19.00 1/26/00 $23.76 $19.69 1/27/00 $23.76 $19.44 1/28/00 $23.76 $18.69 1/31/00 $23.76 $18.25 2/1/00 $23.76 $19.00 2/2/00 $23.76 $18.69 2/3/00 $23.76 $18.88 2/4/00 $23.76 $18.69 2/7/00 $23.76 $19.25 2/8/00 $23.76 $19.38 2/9/00 $23.76 $18.69 2/10/00 $23.76 $18.56 2/11/00 $23.76 $17.63 2/14/00 $23.76 $17.38 2/15/00 $23.76 $17.13 2/16/00 $23.76 $17.19 2/17/00 $23.76 $17.31 2/18/00 $23.76 $17.06 2/21/00 $23.76 $17.06 2/22/00 $23.76 $16.44 2/23/00 $23.76 $16.19 2/24/00 $23.76 $15.88 2/25/00 $23.76 $15.88 2/28/00 $23.76 $15.50 2/29/00 $23.76 $15.00 3/1/00 $23.76 $15.06 3/2/00 $23.76 $15.13 3/3/00 $23.76 $14.81 3/6/00 $23.76 $14.13 3/7/00 $23.76 $13.50 3/8/00 $23.76 $12.88 3/9/00 $23.76 $14.19 3/10/00 $23.76 $14.00 3/13/00 $23.76 $13.56 3/14/00 $23.76 $13.38 3/15/00 $23.76 $14.94 3/16/00 $23.76 $15.31 3/17/00 $23.76 $15.56 3/20/00 $23.76 $15.81 3/21/00 $23.76 $16.13 3/22/00 $23.76 $16.00 3/23/00 $23.76 $15.75 3/24/00 $23.76 $15.75 3/27/00 $23.76 $15.56 3/28/00 $23.76 $15.31 3/29/00 $23.76 $15.31 3/30/00 $23.76 $15.25 3/31/00 $24.63 $14.81 4/3/00 $24.63 $15.00 4/4/00 $24.63 $14.88 4/5/00 $24.63 $15.00 4/6/00 $24.63 $15.00 4/7/00 $24.63 $15.00 4/10/00 $24.63 $14.69 4/11/00 $24.63 $14.81 4/12/00 $24.63 $14.94 4/13/00 $24.63 $15.13 4/14/00 $24.63 $14.63 4/17/00 $24.63 $14.19 4/18/00 $24.63 $14.06 4/19/00 $24.63 $13.88 4/20/00 $24.63 $13.94 4/21/00 $24.63 $13.94 4/24/00 $24.63 $13.44 4/25/00 $24.63 $13.75 4/26/00 $24.63 $14.19 4/27/00 $24.63 $14.38 4/28/00 $24.63 $14.94 5/1/00 $24.63 $15.56 5/2/00 $24.63 $15.31 5/3/00 $24.63 $14.81 5/4/00 $24.63 $14.63 5/5/00 $24.63 $14.94 5/8/00 $24.63 $14.63 5/9/00 $24.63 $14.81 5/10/00 $24.63 $14.69 5/11/00 $24.63 $14.81 5/12/00 $24.63 $14.81 5/15/00 $24.63 $15.13 5/16/00 $24.63 $15.25 5/17/00 $24.63 $15.38 5/18/00 $24.63 $15.69 5/19/00 $24.63 $15.56 5/22/00 $24.63 $15.50 5/23/00 $24.63 $15.50 5/24/00 $24.63 $15.44 5/25/00 $24.63 $15.44 5/26/00 $24.63 $15.06 5/29/00 $24.63 $15.06 5/30/00 $24.63 $15.06 5/31/00 $24.63 $15.25 6/1/00 $24.63 $15.00 6/2/00 $24.63 $15.38 6/5/00 $24.63 $15.31 6/6/00 $24.63 $15.25 6/7/00 $24.63 $15.25 6/8/00 $24.63 $15.31 6/9/00 $24.63 $15.25 6/12/00 $24.63 $15.25 6/13/00 $24.63 $15.19 6/14/00 $24.63 $15.00 6/15/00 $24.63 $15.13 6/16/00 $24.63 $14.94 6/19/00 $24.63 $15.00 6/20/00 $24.63 $15.00 6/21/00 $24.63 $15.00 6/22/00 $24.63 $14.81 6/23/00 $24.63 $14.63 6/26/00 $24.63 $14.81 6/27/00 $24.63 $14.63 6/28/00 $24.63 $14.81 6/29/00 $24.63 $15.13 6/30/00 $26.27 $15.31 7/3/00 $26.27 $15.13 7/4/00 $26.27 $15.13 7/5/00 $26.27 $14.81 7/6/00 $26.27 $15.13 7/7/00 $26.27 $15.19 7/10/00 $26.27 $15.25 7/11/00 $26.27 $15.13 7/12/00 $26.27 $14.94 7/13/00 $26.27 $14.81 7/14/00 $26.27 $14.75 7/17/00 $26.27 $14.88 7/18/00 $26.27 $14.63 7/19/00 $26.27 $14.56 7/20/00 $26.27 $14.75 7/21/00 $26.27 $15.13 7/24/00 $26.27 $14.75 7/25/00 $26.27 $15.13 7/26/00 $26.27 $14.94 7/27/00 $26.27 $15.19 7/28/00 $26.27 $14.81 7/31/00 $26.27 $15.25 8/1/00 $26.27 $15.19 8/2/00 $26.27 $15.06 8/3/00 $26.27 $14.81 8/4/00 $26.27 $15.31 8/7/00 $26.27 $18.00 8/8/00 $26.27 $19.44 8/9/00 $26.27 $19.13 8/10/00 $26.27 $19.38 8/11/00 $26.27 $20.00 8/14/00 $26.27 $19.94 8/15/00 $26.27 $19.31 8/16/00 $26.27 $19.38 8/17/00 $26.27 $19.56 8/18/00 $26.27 $20.31 8/21/00 $26.27 $20.94 8/22/00 $26.27 $20.56 8/23/00 $26.27 $20.38 8/24/00 $26.27 $19.88 8/25/00 $26.27 $19.75 8/28/00 $26.27 $19.38 8/29/00 $26.27 $20.38 8/30/00 $26.27 $20.75 8/31/00 $26.27 $22.38 9/1/00 $26.27 $23.00 9/4/00 $26.27 $23.00 9/5/00 $26.27 $22.63 9/6/00 $26.27 $21.44 9/7/00 $26.27 $21.69 9/8/00 $26.27 $22.75 9/11/00 $26.27 $23.00 9/12/00 $26.27 $23.00 9/13/00 $26.27 $23.44 9/14/00 $26.27 $23.13 9/15/00 $26.27 $23.06 9/18/00 $26.27 $23.00 9/19/00 $26.27 $22.19 9/20/00 $26.27 $22.69 9/21/00 $26.27 $22.25 9/22/00 $26.27 $22.31 9/25/00 $26.27 $27.25 9/26/00 $26.27 $28.94 9/27/00 $26.27 $28.00 9/28/00 $26.27 $27.81 9/29/00 $26.27 $27.75 10/2/00 $27.17 $27.81 10/3/00 $27.17 $27.63 10/4/00 $27.17 $27.56 10/5/00 $27.17 $27.56 10/6/00 $27.17 $27.56 10/9/00 $27.17 $27.94 10/10/00 $27.17 $27.50 10/11/00 $27.17 $26.88 10/12/00 $27.17 $24.56 10/13/00 $27.17 $25.19 10/16/00 $27.17 $26.06 10/17/00 $27.17 $24.88 10/18/00 $27.17 $25.25 10/19/00 $27.17 $25.00 10/20/00 $27.17 $25.94 10/23/00 $27.17 $25.94 10/24/00 $27.17 $27.63 Graph depicting leverage to shareholder returns - one-year total return Company ticker Debt to Book Capital Total Return ------------------------------------------------------------------ CTX 58.00% -37.10% DHI 60.50% -17.50% HOV 65.40% -31.40% KBH 66.80% -19.30% LEN 62.20% -15.30% MDC 40.80% -12.30% PHM 45.90% -5.60% RYL 65.20% -25.00% SPF 48.10% -21.10% TOL 54.20% -4.40% WBB 67.60% -35.90% Graph depicting leverage to shareholder returns - three-year total return Company ticker Debt to Book Capital Total Return ------------------------------------------------------------------- CTX 58.00% 17.4% DHI 60.50% 33.7% HOV 65.40% -5.9% KBH 66.80% 17.5% LEN 62.20% 66.0% MDC 40.80% 108.0% PHM 45.90% 27.5% RYL 65.20% 60.1% SPF 48.10% 2.8% TOL 54.20% 11.6% WBB 67.60% -4.7% Graph depicting leverage to shareholder returns - five-year total return Company ticker Debt to Book Capital Total Return ------------------------------------------------------------------ CTX 58.00% 70.90% DHI 60.50% 57.30% HOV 65.40% 3.20% KBH 66.80% 48.30% LEN 62.20% 188.90% MDC 40.80% 217.60% PHM 45.90% 60.10% RYL 65.20% 52.10% SPF 48.10% 58.70% TOL 54.20% 28.10% WBB 67.60% -31.90%