MADISON, WI-KSL Capital Partners has offered a bid to takeover locally based Great Wolf Resorts for $6.25 per share, which is higher than the current price offered by New York City-based Apollo Global Management LLC. KSL is a Denver-based private equity firm that owns resorts and cruise companies throughout the world.
Apollo and Great Wolf announced an agreement in March to allow Apollo to buy Great Wolf for $5 per share. The local firm, which opened its first indoor water park in 1997, at one time traded for more than $20 per share, but the economic downturn forced the stock down. Today, Great Wolf’s stock hit a four-year high of $6.89 per share, attributed to the KSL offer.
A KSL spokeswoman tells GlobeSt.com that the firm has no comment on the offer. In a statement, Great Wolf said it will “consider and evaluate the proposal and will pursue the course of action that is in the best interests of the company.” The company said it has no further comment.
When the Apollo deal was announced, the companies also said they have created a “poison pill” option to block other offers. Today, the two firms said a joint statement that the Apollo offer has been extended for 10 business days to April 20.
Great Wolf has 11 indoor water parks across the country. KSL’s resorts include the Royal Palm in Miami Beach, the Homestead in Hot Springs, VA and Grand Wailea Resort Hotel & Spa in Maui, HI.
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