$234m offer for Great Wolf heats up bidding war

The Pocono Record via Associated Press/File 2005
Great Wolf owns 11 resorts that cater to families and feature indoor water parks, suite-style rooms, restaurants, spas, and arcades. Pictured above is Great Wolf Lodge in Scotrun, Pa.

Great Wolf Resorts Inc. climbed to the highest price since May 2008. The water-parks operator got a $234 million takeover offer from KSL Capital Partners, topping a bid by Apollo Global Management for a second time and extending a private-equity bidding contest. Madison, Wis.-based Great Wolf said it would consider the proposal. On Friday, Great Wolf said it had agreed to a sweetened bid from Apollo. The latest offer from KSL is 40 percent more than the first offer.