Great Wolf Resorts Gets Private Premium (Update 1)
Updated with Apollo financing, PWK Partners letter and additional information throughout
NEW YORK ( TheStreet) -- The bidding war between KSL Capital Partners and Apollo Management (APO) for Great Wolf Resorts (WOLF), has both private equity firms poised to pay a premium for the struggling water park and hotels chain.
In March, Apollo opened the Great Wolf Resorts sweepstakes with a $5 bid, which was a premium to bargain basement share prices that reflected the company's struggles amid losses and a large debt load. However, in April the emergence of KSL as a bidder has raised the price of Great Wolf Resorts to $7 a share, making what once looked like an opportunistically priced takeover poised to be consummated at a premium priced valuation.
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