logo
Share SHARE
FONT-SIZE Plus   Neg

Affiliate Of Apollo Extends Change Of Control Offer

In connection with the announcement by K-9 Acquisition Inc., an affiliate of Apollo Global Management (APO: Quote), and Great Wolf Resorts Inc. (WOLF: Quote) that Apollo had increased its offer price to acquire Great Wolf to $7.85 per share, K-9 Investors L.P., an affiliate of Apollo, announced that it has extended the previously announced change of control offer for all of the outstanding 10.875% First Mortgage Notes due 2017 issued by affiliates of Great Wolf so that the Change of Control Offer will expire simultaneously with Apollo's revised equity tender offer.

The Change of Control Offer was previously scheduled to expire on May 2, 2012.

K-9 Investors is extending the expiration of the Change of Control Offer until on May 4, 2012, unless further extended or earlier terminated.

The company said that the tender deadline under the Change of Control Offer is extended to May 1, 2012 and the withdrawal deadline under the Change of Control Offer is extended to May 2, 2012.

The Tender Agent under the Change of Control Offer has informed K-9 Investors that, as of 5:00 p.m. on April 19, 2012, $7,000 principal amount of Notes have been properly tendered in the Change of Control Offer.

Earlier today, Apollo Global Management said it once again sweetened its offer to $7.85 per share for Great Wolf Resorts, topping a bid from KSL Capital Partners for the third time this month.

Apollo increased its offer to $7.85 per share in cash from $7.00 per share, which values Great Wolf at about $262 million. Yesterday, KSL Capital raised its offer to $7.25 per share, the third attempt to acquire Great Wolf.

Apollo's new offer is 87 percent over Great Wolf's stock price on the day before the original offer.

The tussle kicked-off in mid-March, when Great Wolf agreed to be acquired by Apollo Global for $5 per share. However, early April, KSL Capital made a superior proposal to acquire Great Wolf for $6.25 per share. In the same week, Apollo lifted its bid to $6.75 per share.

Great Wolf said its board has unanimously approved Apollo's increased offer, and has determined to recommend shareholders to tender their shares into Apollo's offer.

Apollo said its offer will be extended to May 4, 2012. Great Wolf board also added that it has determined not to proceed with its consideration and evaluation of the KSL offer.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
Follow RTT