Reuters: Private Equity: KSL raises Great Wolf bid, challenging Apollo

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

KSL raises Great Wolf bid, challenging Apollo Apr 8th 2012, 21:04 NEW YORK, April 8 | Sun Apr 8, 2012 5:04pm EDT NEW YORK, April 8 (Reuters) - Private equity firm KSL Corp raised its bid for Great Wolf Resorts Inc by 12 percent to $234 million as it works to top rival buyout fund Apollo Global Management in their battle to acquire North America's largest indoor water park operator. Great Wolf said in a statement that it had received an unsolicited letter from KSL proposing to buy the company for $7 a share in cash. That bid came in reaction to the company's latest agreement to sell itself to Apollo for $6.75 a share. Great Wolf's popularity as a drive-to family vacation destination has shielded it from slow economic growth and relatively weak consumer confidence, making it a hot property in the eyes of buyout firms looking for assets with strong cash flows. (Reporting By Michael Erman)

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