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.
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."
I'd rather be in my boat with a drink on the rocks, than in the drink with a boat on the rocks.
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.
And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun
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.
Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."
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