FROM STAFF AND WIRE REPORTS
TRAVERSE CITY — The parent company of Great Wolf Lodge in Garfield Township received a sweetened offer from a private investment firm.
Water park owner Great Wolf Resorts Inc. said Sunday that a private investment firm has sweetened its offer to acquire the company.
said Sunday that KSL Capital Partners is offering $7 per share in cash. That’s 75 cents per share higher than KSL’s earlier unsolicited offer that Great Wolf rejected. Great Wolf operates 11 indoor water parks in the U.S. and Canada,
Based on Great Wolf’s 32.91 million outstanding shares, KSL’s bid is now worth about $230.4 million.
The offer also tops a bid by Apollo Global Management of $6.75 per share, or $222.1 million.
Great Wolf’s board has already has accepted Apollo Global’s offer, but said Sunday that it would “consider and evaluate” KSL’s latest offer.
Madison, Wis.-based Great Wolf shares added 88 cents, or 15.4 percent, to finish at $6.58 on Thursday. The stock market was closed on Friday.
The company has Great Wolf Lodge locations in Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C. It also has a lodge in Niagara Falls, Ontario.
See Tuesday’s Record-Eagle for more on this story.