-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AlukH43CS1hbdr34iNXk0I98qU8WbtOqSIG9Xt9nq6QWZaq671u6+esyAe8BXWXG x9W9jRroHblUBCx7kw8QAw== 0000950172-97-000192.txt : 19970307 0000950172-97-000192.hdr.sgml : 19970307 ACCESSION NUMBER: 0000950172-97-000192 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970306 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT WESTERN FINANCIAL CORP CENTRAL INDEX KEY: 0000043512 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 951913457 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04075 FILM NUMBER: 97551999 BUSINESS ADDRESS: STREET 1: 9200 OAKDALE AVENUE CITY: CHATSWORTH STATE: CA ZIP: 91311 BUSINESS PHONE: 8187753411 MAIL ADDRESS: STREET 1: 9200 OAKDALE AVENUE CITY: CHATSWORTH STATE: CA ZIP: 91311 DEFA14A 1 SCHEDULE 14A INFORMATION REVOCATION STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant {X} Filed by a Party other than the Registrant {_} Check the appropriate box: {_} Preliminary Proxy Statement (Revocation of Consent Statement) {_} Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) {_} Definitive Proxy Statement (Revocation of Consent Statement) {_} Definitive Additional Materials {X} Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 GREAT WESTERN FINANCIAL CORPORATION ----------------------------------------- (Name of Registrant as Specified in Its Charter) ----------------------------------------- (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: (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 transactions: _________ (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: ________________________________________________ WASHINGTON MUTUAL, INC. MERGER WITH GREAT WESTERN FINANCIAL CORPORATION MARCH 6, 1997 Five-Year Comparison of Selected Financial Measures(a) EPS - Recurring(b) 1992 1993 1994 1995 1996 WAMU $1.84 $2.30 $2.62 $2.76 $3.39 AHM $1.00 -$1.73 $1.47 $1.38 $1.90 Dividends per Share 1992 1993 1994 1995 1996 WAMU $0.33 0.50 0.70 0.77 0.90 AHM $0.88 0.88 0.88 0.88 0.88 ROAA - Recurring(b) 1992 1993 1994 1995 1996 WAMU 1.12% 1.09% 1.03% 0.97% 0.95% AHM 0.24% -0.41% 0.36% 0.34% 0.47% ROACE - Recurring(b) 1992 1993 1994 1995 1996 WAMU 16.1% 17.8% 17.3% 16.3% 17.8% AHM 4.6% -8.5% 8.2% 8.0% 10.6% (a) Reflects numbers as originally reported (prior to restatement for pooling transactions). (b) 1993 and 1996 figures adjusted to reflect tax rate of 40.0%. Five-Year Comparison of Selected Financial Measures(a) ($ in billions) Deposits 1992 1993 1994 1995 1996 WAMU $5.4 $9.4 $9.8 $10.6 $24.1 AHM $39.3 $38.0 $40.7 $34.2 $34.8 Equity 1992 1993 1994 1995 1996 WAMU $0.9 $1.2 $1.3 $1.6 $2.4 AHM $2.7 $2.9 $3.0 $3.1 $2.4 Reserves/NPLs 1992 1993 1994 1995 1996 WAMU 96% 135% 180% 161% 107% AHM 24% 50% 50% 43% 50% NPAs + Restructures/Assets 1992 1993 1994 1995 1996 WAMU 1.52% 0.75% 0.49% 0.51% 0.99% AHM 4.74% 2.09% 1.79% 2.20% 2.07% (a) Reflects numbers as originally reported (prior to restatement for pooling transactions). Overview of Proposed Combination from Great Western's Perspective This transaction is a better strategic transaction for Great Western and its shareholders. - - Strategic Reasons: - Shared strategic visions - Creates powerful West Coast franchise - Strong historical and projected core growth - Superior financial results and returns to shareholders - Superior geographic and product diversification - Management with proven track record - - Financial Reasons: - More attractive offer and currency - Better shareholder value today and into the future - Greater EPS accretion to Great Western shareholders - Higher quality balance sheet - Significantly higher capital ratios - Earnings growth generated through fundamental business strength, not through share repurchases - Avoidance of goodwill charge provides financial flexibility Comparison of Alternatives WAMU/GWF Merger AHM/GWF Merger Acquiror's Closing Price (3/5/97) $53.25 $42.00 Proposed Exchange Ratio 0.90x 1.05x Implied Value per GWF Share $47.93 $44.10 - --------------------------- 1998E GAAP EPS per GWF Share $4.34 $3.49 Percent Change(a) 40% 13% 1999E GAAP EPS per GWF Share $5.13 $4.31 Percent Change(a) 51% 27% Tangible Common Equity/ Tangible Assets(b) 4.69% 3.85% Basis Point Change(c) (34) (118) Source: Prospective buyers' respective presentations to analysts. (a) Relative to First Call mean estimate for 1998. 1999 assumes 10% EPS growth over 1998 First Call mean estimate. (b) Pro forma at December 31, 1996. (c) Relative to December 31, 1996, stand-alone. Comparison of Historical Total Return to Shareholders Compounded Annual total Return to Shareholders(a) Company/Index Year-to-Date 1 Year 3 Years 5 Years 10 Years Washington Mutual 22% 54% 26% 27% 24% Ahmanson 31 27 23 18 9 S&P 500 Index 8% 23% 20% 15% 15% S&P Bank Index(b) 16 42 29 26 NA S&P Thrift Index(c) 32 20 20 14 NA (a) Stock price appreciation plus reinvestment of dividends. As of the respective period ending December 31, 1996. (b) Includes Banc One, Bank of Boston, Bank of New York, BankAmerica, Bankers Trust, Barnett, Chase Manhattan, Citicorp, Comerica, CoreStates, Fifth Third, First Bank System, First Chicago NBD, First Union, Fleet, KeyCorp, Mellon, J.P. Morgan, NationsBank, National City, Norwest, PNC Bank, Republic of New York, SunTrust, USBC, Wachovia and Wells Fargo. (c) Includes H.F. Ahmanson, Golden West and Great Western. Great Western and certain other persons named below may be deemed to be participants in the solicitation of revocations of consents in response to Ahmanson's consent solicitation. The participants in this solicitation may include the directors of Great Western (James F. Montgomery, John F. Maher, Dr. David Alexander, H. Frederick Christie, Stephen E. Frank, John V. Giovenco, Firmin A. Gryp, Enrique Hernandez, Jr., Charles D. Miller, Dr. Alberta E. Siegel and Willis B. Wood, Jr.); the following executive officers of Great Western: J. Lance Erikson (Executive Vice President, Secretary and General Counsel), Carl F. Geuther (Vice Chairman and Chief Financial Officer), Michael M. Pappas (Vice Chairman and President, Consumer Finance Division), A. William Schenck III (Vice Chairman), Ray W. Sims (Executive Vice President), and Jaynie M. Studenmund (Executive Vice President); and the following other members of management of Great Western: Stephen F. Adams (First Vice President, Asso- ciate General Counsel and Assistant Secretary), Bruce F. Antenberg (Senior Vice President-Finance, Treasurer and Assistant Secretary), Barry R. Barkley (Senior Vice President and Controller), Ian D. Campbell (Senior Vice Presi- dent), Charles Coleman (Vice President, Great Western Bank), Allen D. Meadows (Senior Vice President, Great Western Bank), and John A. Trotter (First Vice President, Great Western Bank). As of the date of this communication, James F. Montgomery and John F. Maher beneficially owned 605,488 shares and 611,762 shares of Great Western common stock, respectively (including shares subject to stock options exercisable within 60 days). The remaining participants do not beneficially own, individually or in the aggregate, in excess of 1% of Great Western's equity securities. -----END PRIVACY-ENHANCED MESSAGE-----