Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Great Wolf, Apollo Agree On Increased Offer Price Of $6.75 Per Share

RELATED NEWS
Trade APO now with 

K-9 Acquisition, Inc., an affiliate of Apollo Global Management (APO: Quote), and Great Wolf Resorts, Inc. (WOLF: Quote) said Friday that they have entered into an amended merger agreement, whereby Apollo has agreed to increase its offer to acquire Great Wolf from $5.00 per share in cash to $6.75 per share in cash. The increased offer price represents a premium of 61% over Great Wolf's closing stock price on the day prior to the announcement of the original offer on March 12 and a premium of 3% over the company's closing stock price on Thursday, April 5.

The increased offer was unanimously approved by the Great Wolf board of directors. The board has determined to recommend that Great Wolf shareholders tender their shares into Apollo's revised tender offer, which will expire on April 20.

In connection with the increased offer, Great Wolf has agreed to increase the termination fee and expense reimbursement payable to Apollo in certain circumstances, in proportion to the increase in the offer price, from a total of up to $7 million to a total of up to $9 million. Additionally, Great Wolf said its board has terminated its consideration and evaluation of the April 4 unsolicited proposal from KSL Capital Partners to buy Great Wolf for $6.25 per share in cash.

Register
To receive FREE breaking news email alerts for Apollo Global Management, LLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.