Reuters: Private Equity: TIMELINE-Apollo, KSL chase Great Wolf Resorts

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TIMELINE-Apollo, KSL chase Great Wolf Resorts Apr 16th 2012, 16:34 April 16 | Mon Apr 16, 2012 12:34pm EDT April 16 (Reuters) - Private equity firms KSL Capital Partners and Apollo Global Management have been battling it out to acquire Great Wolf Resorts Inc, North America's largest operator of indoor water parks. Both the bidders have raised their offers as Great Wolf Resorts' resilience during the downturn makes it an attractive property in the eyes of buyout firms looking for assets with strong cash flows. Shares of Great Wolf Resorts have gained 77 percent sin c e Apollo made the first offer. On Sunday, Great Wolf said its board has decided that KSL's buyout offer is "superior," leaving Apollo with 3 days to up its bid or walk away from the game. Following are the major events in this fight: March 13 - Private equity firm Apollo Global Management says its unit will buy Great Wolf for $5 a share. Great Wolf adopts a rights plan that will kick in if anyone other than Apollo acquired more than 12.5 percent of the company's shares. March 19 - Great Wolf investor PWK PARTNERS expresses "serious concerns" with the proposed deal with Apollo. Says it believes the offer is "woefully inadequate" and asks the board to immediately withdraw its recommendation of the offer. April 5 - Private equity firm KSL Capital Partners tops Apollo's offer by offering $6.25 for each Great Wolf share. Great Wolf shares rise 17 percent to trade above KSL's offer price. April 7 - Apollo raises its bid to $6.75 per share. Great Wolf amends its previous agreement with Apollo, and increases the deal termination fee payable to up to $9 million. April 8 - KSL raises it offer to $7 per share. April 9 - Great Wolf shares rise as much as 11 percent to trade above the highest buyout offer, indicating investors expect a higher bid for the company. April 10 - Great Wolf's largest shareholder HG Vora Capital rejects Apollo's $6.75 per share bid, and says it will not back any offer until it is satisfied that Great Wolf's board has fully explored all alternatives. April 15 - Great Wolf says its board deemed KSL's offer "superior", and that it has provided a written notice to Apollo it is prepared to terminate the merger agreement. (Compiled by Sharanya Hrishikesh in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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