Posted Friday, April 6, 2012 10:01 AM | Contributed by Jeff
Despite its best efforts, Apollo Global Management may find itself once again in a battle to acquire an amusement park company. On Wednesday, Great Wolf Resorts, the lodging and waterpark operator, announced that KSL Capital Partners had submitted a proposal to acquire Great Wolf for $6.25 a share in cash. Apollo reached an agreement on March 12 to acquire Great Wolf for $5 a share in cash in a deal valued at $703 million.
Read more from The New York Times.
Per the Detroit news - its up to 7 a share - I think Apollo needs to put up or shut up...
Would be nice of Apollo would tell me the next company they seek to buy. I will buy a ton of it and make a killing.
Do they get another large chunk of change if the deal falls through?
Yes, according to the NY Times article "Great Wolf must pay a $5.3 million termination fee to Apollo and reimburse Apollo for up to $1.7 million in expenses."
Isn't 5.3 million the same fee CF had to pay when the deal fell through? Sounds like a successful venture, trying to buy up various companies and getting a nice payday when the deal falls apart.
Cedar Fair paid $6.5 million.
Breakup fees are pretty common in those types of transactions. Its up to management to push back if its not warranted/too high (and not accept the deal if the price is too low or negotiate a higher price).
I'm not struggling at all.
Not after those breakup fees, you're not.
Apollo upped its bid, didn't it?
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