April 19 Private equity firm KSL Capital
Partners raised its offer to acquire Great Wolf Resorts
to $7.25 per share, a day after Apollo Global Management
increased its bid to acquire North America's largest operator of
indoor water parks.
On Wednesday, Apollo matched KSL's previous offer of $7 a
share after Great Wolf said KSL's bid was superior to a deal it
had signed with Apollo.
Apollo now has three days to match or outbid KSL's $242
For a timeline on the battle
Great Wolf had been shopping itself for most of last year,
and had contacted 38 possible buyers. KSL and Apollo were
one-upping each other even during that initial bidding process.
The company agreed to be bought out by Apollo for $5 per
share in March, angering investors who called the price
'woefully inadequate', and leading KSL to start the now public
phase of the bidding war.
Shares of Great Wolf were up 4 percent at $7.45 in premarket
trading on Thursday morning.