Peak Resorts SKIS will be acquired by Vail Resorts, Inc. MTN for $11.00 per share in cash.
The transaction is expected to close in the fall. The transaction represents a 116% premium to Peak Resorts’ closing stock price on July 19.
Peak Resorts is a Missouri-based company that operates 17 ski resorts in the Midwest, Mid-Atlantic and Northeast. Vail Resorts is a mountain resort company.
"For over 22 years, our team has worked tirelessly to create what is one of the country's premier ski resort companies. We are now delighted to announce this agreement with Vail Resorts that creates substantial value for our shareholders and new opportunities for our guests," said Timothy Boyd, President and CEO of Peak Resorts. "During my time in the industry, I've come to know and respect Vail Resorts and believe they will build on our accomplishments and further improve the experience that our loyal guests enjoy both on and off the mountain."
Peak Resorts shares were trading up 6.8% at $5.45, while Vail Resorts shares were trading down 1.3% at $225.71 in Monday’s pre-market session.
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