27 Apr 2012 KSL withdraws Great Wolf takeover interest BYPete Hayman
Apollo Global Management appears to have won the race to purchase US-based waterpark group Great Wolf Resorts after increasing its bid to US$7.85 (£4.80, EUR5.92) per share.
The improved price agreed by Apollo represents a 171 per cent premium on the six-month average share price of Great Wolf Resorts prior to its original bid made earlier this year.
KSL Capital Partners had entered the race to acquire the business, which operates a total of 11 waterparks across the US and Canada, with what had been called a "superior" offer.
However, Great Wolf Resorts said at the time that Apollo had been given an opportunity to submit a new bid in light of KSL's US$7 (£4.31, EUR5.28) a share proposal.
Great Wolf Resorts has now revealed that KSL does not intend to submit any further bids for the company, which leaves the path clear for Apollo to complete the purchase.
A Great Wolf Resorts spokesperson said: "The Apollo offer was unanimously approved by the Great Wolf board of directors.
"The board recommends that Great Wolf shareholders tender their shares into Apollo's revised tender offer which is scheduled to expire at 9am, New York City time on 4 May."
From a spa in a car park and a
restaurant down a mine to a hotel in a
shipping container, we take a look at
some of the world's most innovative –
and unlikely – pop-up venues View>>
17 May 2013 Two stadiums out of 11 ready for Euro 2016 With the 2016 European Football Championships in France three years away, only
the Stade de France and Lille's new 50,000-seater stadium are fully ready out of
the nine to 11 stadiums planned to be used during the tournament. More>>
Carolyn Merrifield Holder Mathias partner Carolyn
Merrifield tells us about rebuilding
Welsh arts centre Gwyn Hall after a fire,
and working for Center Parcs View>>
Pop-ups
From a spa in a car park and a
restaurant down a mine to a hotel in a
shipping container, we take a look at
some of the world's most innovative –
and unlikely – pop-up venues View>>