Phoenix-based Pacific Partners, headed by a local home builderand 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. Thegroup now owns a 4.4% stake in Del Webb, below the thresholdrequired for them to report their activities with the stock.Pacific Partners had wanted Del Webb to boost revenues andshareholder value.
"We're reducing our holdings, but we're still a majorstockholder in the company and are optimistic about the future ofDel Webb," says Pacific Partners principal Garth Wieger in astatement.
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