Apollo Global Management/Great Wolf Resorts
On March 13, 2012, an affiliate of Apollo Global Management, LLC (NYSE: APO) and Great Wolf Resorts, Inc. (Nasdaq: WOLF) entered into a definitive merger agreement whereby Apollo, a leading global asset manager, will acquire Great Wolf, North America’s largest family of indoor waterpark resorts, for approximately $703 million, including the assumption of the Company’s outstanding debt.
Through a cash tender offer that is expected to commence today, Apollo will make an offer to purchase all outstanding shares of Great Wolf common stock for $5.00 per share. This offer represents a premium of 72.9% over the six-month average of Great Wolf’s share price ending on March 12, 2012, a premium of 50.4% over the ninety-day average of Great Wolf’s share price ending on March 12, 2012, and a 19.3% premium over Great Wolf’s closing stock price on March 12, 2012.
The transaction was unanimously recommended by an independent strategic review committee of the board of directors of Great Wolf and unanimously approved by the board of directors of Great Wolf, who are recommending that Great Wolf stockholders tender their shares in the offer.
Great Wolf operates some of North America’s premier family-oriented destination facilities and is the indoor waterpark resort industry leader. The first Great Wolf Lodge resort opened in 1997 in Wisconsin Dells, Wisconsin; Great Wolf now operates 11 properties throughout North America. These resorts generally feature 300–600 rooms and a large indoor entertainment area measuring 40,000–100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities.
Deutsche Bank Securities Inc. is serving as financial advisor to the Company, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as the Company’s legal advisor. Morgan Stanley & Co. LLC, UBS Investment Bank and Nomura Securities International, Inc. are serving as financial advisors to Apollo, and Akin, Gump, Strauss, Hauer & Feld LLP is serving as Apollo’s legal advisor.
Through a cash tender offer that is expected to commence today, Apollo will make an offer to purchase all outstanding shares of Great Wolf common stock for $5.00 per share. This offer represents a premium of 72.9% over the six-month average of Great Wolf’s share price ending on March 12, 2012, a premium of 50.4% over the ninety-day average of Great Wolf’s share price ending on March 12, 2012, and a 19.3% premium over Great Wolf’s closing stock price on March 12, 2012.
The transaction was unanimously recommended by an independent strategic review committee of the board of directors of Great Wolf and unanimously approved by the board of directors of Great Wolf, who are recommending that Great Wolf stockholders tender their shares in the offer.
Great Wolf operates some of North America’s premier family-oriented destination facilities and is the indoor waterpark resort industry leader. The first Great Wolf Lodge resort opened in 1997 in Wisconsin Dells, Wisconsin; Great Wolf now operates 11 properties throughout North America. These resorts generally feature 300–600 rooms and a large indoor entertainment area measuring 40,000–100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities.
Deutsche Bank Securities Inc. is serving as financial advisor to the Company, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as the Company’s legal advisor. Morgan Stanley & Co. LLC, UBS Investment Bank and Nomura Securities International, Inc. are serving as financial advisors to Apollo, and Akin, Gump, Strauss, Hauer & Feld LLP is serving as Apollo’s legal advisor.
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Notable Mergers and Acquisitions of the Day 04/20: (WOLF)/(APO) (RRTS) (LCC)/(AAMRQ)
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Great Wolf (WOLF) Gets Larger $7.85/Share Offer from Apollo (APO)
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Notable Mergers and Acquisitions of the Day 04/19: (CVI) (WOLF)/(APO) (HGSI)/(GSK)
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Notable Mergers and Acquisitions of the Day 04/16: (EF) (DRJ) (AVP) (WOLF)
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Great Wolf (WOLF) Gets $7/Share Offer from KSL Capital
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Great Wolf (WOLF) Gets Juicier $6.75/Share Bid from Apollo (APO) Unit
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Notable Mergers and Acquisitions of the Day 04/05: (SPPI)/(ALTH) (WOLF) (WAFD) (DKS)
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Great Wolf (WOLF) Gets $6.25/Share Bid from KSL Capital Partners
