PWK Partners Atlas Funds, LLC, a significant shareholder of Great Wolf Resorts Inc. (WOLF), announced that it delivered a letter to the Board of Directors of the Company reiterating its serious concerns with the proposed acquisition by Apollo Global Management LLC of all the issued and outstanding shares of the Company at a price of $5.00 per share in cash.
PWK Partners together with its affiliates, currently owns approximately 4.2% of the outstanding shares of Great Wolf Resorts, said it strongly believe the intrinsic value of WOLF is in excess of $10.00 per share today, and could potentially be worth significantly more in the years ahead.
PWK Partners stated that it does not believe that a private equity firm is the final or best determinant of value for the Company. It also does not believe that selling the Company to a private equity buyer is the best avenue to maximize shareholder value in the current environment.
PWK Partners asked that the Board immediately withdraw its recommendation for the acquisition proposal and redeem the poison pill. PWK Partners noted that it is committed to assist the Board with formulating alternatives to maximize shareholder value that will allow all shareholders to participate.
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