The private equity bidding war for Great Wolf Resorts continues.
Great Wolf Resorts, Madison, Wisconsin, announced on Thursday that the offer from KSL Capital Partners, Denver, Colorado, for US$7.25 per share constituted a superior proposal to the latest bid from Apollo Global Management, New York City, for US$7 per share.
After KSL bid US$6.25 per share after an initial bid from Apollo for US$5 per share, Apollo answered with a US$6.75 per share bid. However, on Sunday KSL sent a US$7 per share offer, which Apollo met but now KSL has exceeded.
Great Wolf’s board unanimously approved the sale to Apollo in March, accepting a “poison pill” requiring it to pay Apollo up to US$7 million if it accepts another buyout offer. However, Great Wolf shareholders have since sued, alleging the sale price was too low.
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.