Dissident shareholders gain support against LV homebuilder

Tuesday, Oct. 10, 2000 | 11:12 a.m.

PHOENIX -- J.F. Shea Co. dropped a plan Monday to nominate its own slate of directors to the board of Del Webb Corp. of Phoenix, builder of Sun City communities in the Las Vegas area and other cities.

But Shea, based in Walnut, Calif., said it's still interested in buying Del Webb for $30 a share. Del Webb has rejected the Shea offer as deficient.

Shea said Monday it will support a move by Pacific Partners Inc., owner of a 5.49 percent stake in Del Webb, to nominate two board members.

"We believe it is counterproductive to continue parallel proxy contests," Chairman John Shea said in a statement.

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