Takeover offer made for big Vegas home builder

Monday, Sept. 25, 2000 | 10:57 a.m.

Del Webb Corp. of Phoenix, the No. 2 home developer in the Las Vegas area, said it received an unsolicited $30 per share takeover offer from competitor J.F. Shea Co. Del Webb criticized the offer as "deficient in many ways."

Del Webb shares jumped 21 percent this morning to $26.94 on news of the offer.

Shea is a private California builder that competes with Del Webb in many markets. Shea wants to nominate three individuals to Del Webb's board of directors and made the $30 bid conditioned on "confirmatory" due diligence.

Del Webb said Shea offered no information about how it could fund a takeover and wants a free look at Del Webb's confidential business information.

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