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.
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by RTT Staff Writer
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