From Niagara This Week:
The U.S. parent of Great Wolf Lodge has been sold to an asset management company.
An affiliate of Apollo Global Management, LLC and Great Wolf Resorts, Inc. announced a merger deal in which Apollo will acquire Great Wolf, which owns 11 outdoors-themed hotel-waterparks across North America, including one in Niagara Falls, for approximately $703 million, including the assumption of the company’s outstanding debt.
Apollo will make an offer to purchase all outstanding shares of Great Wolf common stock for $5 per share, which represents a premium of 72.9 per cent over the six-month average of Great Wolf’s share price ending on March 12, a premium of 50.4 per cent over the ninety-day average of Great Wolf’s share price ending on March 12, 2012, and a 19.3 per cent premium over Great Wolf’s closing stock price on March 12, 2012.
It is not known how the transaction will affect the Niagara Falls operation, which is owned and operated by Ripley’s Entertainment. The falls location opened in April 2006.