The deal values Madison, Wi-based Great Wolf Resorts at a 19% premium to Monday's close and at a post-crisis high, after shares in the entertainment park company were more than halved during the crisis on a string of loss-making years. Separately, Great Wolf said that it would adopt a shareholder rights plan , otherwise known as a "poison pill" that will make it prohibitively expensive for a new investor to acquire more than 12.5% of the company's shares.
Prior to Tuesday's announcement, Great Wolf Resorts shares rallied over 44% to $4.19, adding to a more than 11% 2011 stock gain. After news of the deal, Great Wolf shares rose over 21% to $5.10 in pre-market trading, above the offer price, and at highs not seen since September 2008.
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