KSL issues offer to buy Great Wolf Resorts
KSL has issued an offer to buy Great Wolf Resorts.
KSL Capital Partners has issued a committed offer to Great Wolf Resorts - the biggest family of indoor watersports destinations in the US - and wishes to acquire the firm for $7 (£4.42) in cash per share.
This will be subject to the terms and conditions outlined in the merger agreement.
Great Wolf's board of directors has consulted merger and acquisition advisors and has determined that KSL's deal is a "superior proposal", under the conditions of a previously-planned merger with Apollo.
This transaction was valued at $6.75 per share and Apollo had previously proposed buying Great Wolf for $5 for every share.
KSL had also suggested purchasing Great Wolf at $6.25 per share.
Great Wolf confirmed it can not ensure any of these transactions will occur and stated it has not qualified, amended, modified or withdrawn any of these deals, nor has it made a recommendation relating to the KSL offer, which is scheduled to expire on April 19th 2012.
Posted by Ken Hayes
Source: Great Wolf press release, April 16th