Deal Ends Bidding War for Great Wolf Resorts

Hotels & Resorts

A three-week bidding war between two private-equity firms vying to purchase Great Wolf Resorts Inc. finally came to an end Friday, when KSL Capital Partners LLC surrendered and said it would not be submitting another bid. The indoor water park operator, which has 10 resorts in the United States and one in Canada, initially struck a deal with Apollo Global Management LLC at $5 per share, but KSL started pushing up the price with a series of counteroffers. After six bids and counterbids, Apollo’s final offer stands at $7.85. At that price, the resort company’s worth comes to about $760 million, including its debt. The deal still needs to be approved by shareholders. wsj.com

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