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Del Webb Investor Unloads 20% of Its Stock After Failing to Win Company Board Seat

PHOENIX-After losing a contentious battle to win two seats on Del Webb Corp.'s board, an investor that owns 5.5% of the residential developer's stock has sold a fifth of its holdings.

By D.J. Burrough | Updated on December 13, 2000

PHOENIX-An investor in Del Webb Corp., developer of Sun City communities, that lost a contentious proxy fight for board seats just over a month ago has unloaded 20% of its holdings in the company.

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.

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