Great Wolf Resorts Slides Into $703 Million Deal:
NEW YORK (TheStreet) -- Private equity firm Apollo Management is buying struggling water park operator Great Wolf Resorts for $703 million, or $5 a share.
The deal values Madison, Wi-based Great Wolf Resorts at a 19% premium to Monday's close and at a post-crisis high, after shares in the entertainment park company were more than halved during the crisis on a string of loss-making years. Separately, Great Wolf said that it would adopt a shareholder rights plan , otherwise known as a "poison pill" that will make it prohibitively expensive for a new investor to acquire more than 12.5% of the company's shares.
Prior to Tuesday's announcement, Great Wolf Resorts shares rallied over 44% to $4.19, adding to a more than 11% 2011 stock gain. After news of the deal, Great Wolf shares rose over 21% to $5.10 in pre-market trading, above the offer price, and at highs not seen since September 2008.
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NEW YORK (TheStreet) -- Private equity firm Apollo Management is buying struggling water park operator Great Wolf Resorts for $703 million, or $5 a share.
The deal values Madison, Wi-based Great Wolf Resorts at a 19% premium to Monday's close and at a post-crisis high, after shares in the entertainment park company were more than halved during the crisis on a string of loss-making years. Separately, Great Wolf said that it would adopt a shareholder rights plan , otherwise known as a "poison pill" that will make it prohibitively expensive for a new investor to acquire more than 12.5% of the company's shares.
Prior to Tuesday's announcement, Great Wolf Resorts shares rallied over 44% to $4.19, adding to a more than 11% 2011 stock gain. After news of the deal, Great Wolf shares rose over 21% to $5.10 in pre-market trading, above the offer price, and at highs not seen since September 2008.
="Scripts/swfobject_modified.js" type="text/javascript">if !IE-->endif-->Content on this page requires a newer version of Adobe Flash Player.if !IE-->endif-->
...
Click to view a price quote on APO.
Click to research the Financial Services industry.
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