Apollo Wins Great Wolf Bidding War
On Friday evening, Great Wolf said in a news release that it was informed by Apollo's rival, KSL Capital Partners, that KSL doesn't plan to submit further bids.
That leaves in place the deal between Great Wolf and Apollo that was announced Friday. Under it, Apollo will pay $7.85 a share in cash for the indoor-water-park company. That followed KSL's $7.25 rebuttal bid earlier in the week.
Great Wolf said its board has unanimously approved the deal.
Great Wolf said the deal was a premium of 87% over Great Wolf's closing stock price on the day before to the announcement of Apollo's original offer.
The increased bid from Apollo came after one shareholder called for Apollo and KSL to raise the stakes in their Great Wolf Resorts fight.
A sale process that began with a $5 per share bid by Apollo has proven dramatic for the emergence of a competing bidder in KSL. While management had sided repeatedly with Apollo bids at $5, $6.75 and $7, KSL had upped the ante each time.
Shares of Great Wolf finished Friday up 64 cents at $8.06. Shares of Apollo finished the session down 52 cents at $12.99.