Phoenix-based Pacific Partners, headed by a local home builder and former Del Webb executive--among others--sold approximately 20% of its stake in the Del Webb Corp. over the past several weeks.
The investment group sold 192,000 shares for about $25 a share, according to US Securities and Exchange Commission filings. The group now owns a 4.4% stake in Del Webb, below the threshold required for them to report their activities with the stock. Pacific Partners had wanted Del Webb to boost revenues and shareholder value.
"We're reducing our holdings, but we're still a major stockholder in the company and are optimistic about the future of Del Webb," says Pacific Partners principal Garth Wieger in a statement.
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