$234m offer for Great Wolf heats up bidding war
Great Wolf Resorts received a $234 million takeover offer from KSL Capital Partners, topping a bid from Apollo Global Management for a second time and extending a private-equity bidding contest for the water-park operator. KSL made an unsolicited offer of $7 a share in cash, Madison, Wisc.-based Great Wolf said Sunday, adding that it would consider the proposal. Great Wolf said Friday that it agreed to a sweetened bid from Apollo of $6.75 a share. The latest offer from KSL, a Denver-based private-equity firm, is 40 percent more than the original $5 a share transaction that Great Wolf and Apollo disclosed last month. Great Wolf owns 11 resorts that cater to families and feature indoor water parks, suite-style rooms, restaurants, spas and arcades.