The resort park operator said on Friday that it had agreed to yet another raised offer by from Apollo Global Management, worth $262.4 million. The bid of $7.85 a share again tops a proposal by KSL Capital Partners, which had raised its offer for Great Wolf only 24 hours before.
The bidding for Great Wolf Resorts is coming fast and furious.
Friday’s new bid continues Apollo’s jousting with KSL, in one of the few public bidding wars between twoprivate equity firms in recent memory.
Apollo’s new offer is 57 percent above its original bid of $5 a share. It is also 87 percent higher than Great Wolf’s stock price the day before that original offer.
As part of the new deal, Apollo now stands to receive up to $10.47 million in termination fees and expense reimbursements if Great Wolf terminates the merger agreement.
Shares of Great Wolf leaped 6.9 percent in premarket trading to $7.93, suggesting that investors believe an even higher bid may be in the offing.