This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Apollo Wins Great Wolf Bidding War

Stocks in this article: WOLF APO

NEW YORK ( TheStreet) -- One day after upping the ante in the bidding war for Great Wolf Resorts (WOLF), private-equity firm Apollo Global Management (APO - Get Report) has won the fight.

On Friday evening, Great Wolf said in a news release that it was informed by Apollo's rival, KSL Capital Partners, that KSL doesn't plan to submit further bids.

That leaves in place the deal between Great Wolf and Apollo that was announced Friday. Under it, Apollo will pay $7.85 a share in cash for the indoor-water-park company. That followed KSL's $7.25 rebuttal bid earlier in the week.

Great Wolf said its board has unanimously approved the deal.

> > Bull or Bear? Vote in Our Poll

Great Wolf said the deal was a premium of 87% over Great Wolf's closing stock price on the day before to the announcement of Apollo's original offer.

The increased bid from Apollo came after one shareholder called for Apollo and KSL to raise the stakes in their Great Wolf Resorts fight.

A sale process that began with a $5 per share bid by Apollo has proven dramatic for the emergence of a competing bidder in KSL. While management had sided repeatedly with Apollo bids at $5, $6.75 and $7, KSL had upped the ante each time.

Shares of Great Wolf finished Friday up 64 cents at $8.06. Shares of Apollo finished the session down 52 cents at $12.99.

This article was written by a staff member of TheStreet.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs