Private equity firm Apollo Global Management, New York City, announced on Tuesday that its affiliate is set to buy Great Wolf Resorts, Madison, Wisconsin, for US$703 million including debt assumption.
Great Wolf’s board has unanimously approved the deal, of which the cash consideration is about US$165 million.
“After a thorough assessment, we concluded that the proposal put forth by Apollo is the best way to maximize value for shareholders, who will receive a substantial and immediate cash premium for their shares,” Kim Schaefer, Great Wolf’s CEO, said in a statement.
The board also approved a “poison pill” shareholder rights plan to deter an unsanctioned takeover of Great Wolf by a company other than Apollo.
Great Wolf, through its subsidiaries and affiliates, owns and operates 11 family resorts in the U.S. and Canada. The first was opened in Wisconsin Dells, Wisconsin, in 1997.