Great Wolf Resorts Says KSL Notifies Company It Does Not Intend To Submit Further Acquisition Proposals
Great Wolf Resorts, Inc. (NASDAQ: WOLF) announced Saturday that KSL Capital Partners notified Great Wolf that it does not intend to submit any further proposals to acquire the Company.
As previously announced, Great Wolf has entered into a merger agreement with affiliates of Apollo Global Management (NYSE: APO) providing for Apollo to acquire Great Wolf for $7.85 per share in cash. The Apollo offer was unanimously approved by the Great Wolf board of directors, and the board recommends that Great Wolf shareholders tender their shares into Apollo's revised tender offer, which is scheduled to expire at 9:00 a.m., New York City time, on Friday, May 4, 2012.
The $7.85 offer price represents a premium of 171% to the six-month average of Great Wolf's share price prior to the announcement of Apollo's original offer (March 12, 2012), a premium of 136% over the ninety-day average of Great Wolf's share price prior to the announcement of the original offer and a premium of 87% over Great Wolf's closing stock price on the day prior to the announcement of the original offer.
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