Shareholders OK Pulte-Del Webb merger

Monday, July 30, 2001 | 10:54 a.m.

BLOOMFIELD HILLS, Mich. -- Shareholders of Pulte Homes Inc. and Del Webb Corp. have approved the companies' merger, a deal that will create the nation's largest home builder.

Pulte acquired Del Webb's debt and its shares in a stock-for-stock transaction worth about $1.7 billion. It was approved by shareholders meeting separately in Michigan and in Arizona, the companies announced Friday.

The merger is scheduled to close Tuesday.

Del Webb, based in Phoenix, Ariz., is a retirement-community pioneer. Pulte's "homeowner-for-life strategy" targets housing for buyers through all stages of their lives.

The combined company will have more than 37,000 closings annually in the United States, Argentina, Mexico and Puerto Rico.

archive