Pretty much as expected, the bidding for Great Wolf Resorts Inc. (NASDAQ: WOLF) is heating up. Last week the company got an offer from K-9 Acquisition Inc., an affiliate of Apollo Global Management LLC (NYSE: APO) for $6.75/share. Last night Great Wolf issued a press release announcing a countering bid from KSL Capital Partners of $7/share.
Great Wolf filed a Form 8-K with the SEC this morning listing the details of the K-9 offer:
Under the Merger Agreement Amendment, (i) the Offer Price (as defined in the Merger Agreement) was increased from $5.00 per Common Share to $6.75 per Common Share and (ii) the amount of the Company Termination Fee (as defined in the Merger Agreement) was increased (a) in certain circumstances, from $5,300,000 plus reimbursement of certain expenses up to $1,700,000, to $6,700,000 plus reimbursement of certain expenses up to $2,300,000 and (b) in certain other circumstances, from reimbursement of certain expenses up to $1,700,000, to reimbursement of certain expenses up to $2,300,000.
Total breakup fees of $7-$9 million are nothing to sneeze at, but investors clearly think the bidding is just getting started. Shares of Great Wolf are up nearly 11% today at $7.28 after posting a new 52-week high of $7.34 earlier this morning.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
