Apollo Global Management is paying about $703 million, including debt, to buy the operator of indoor water park resorts Great Wolf Resorts, Reuters wrote Monday. The $5 a share offer is a 19% premium to Great Wolf’s Monday closing price.
(Reuters) – Private equity firm Apollo Global Management (APO.N) said its affiliate will buy the operator of indoor water park resorts Great Wolf Resorts (WOLF.O) for about $703 million, including debt.
Apollo’s offer of $5 a share is at a 19 percent premium to Great Wolf’s Monday closing price.
“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,” said Kim Schaefer, chief executive of Great Wolf.
In a separate release, Great Wolf said it had adopted a rights plan which will be exercised if a person or group other than Apollo acquires more than 12.5 percent of the company’s common stock.
Shares of Apollo Global closed at $14.27 on Monday on the New York Stock Exchange while those of Great Wolf closed at $4.19 on the Nasdaq.
(Reporting by Tanya Agrawal in Bangalore; Editing by Sriraj Kalluvila)