Reuters: Deals: Apollo Global unit to buy Great Wolf Resorts for $703 million

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Apollo Global unit to buy Great Wolf Resorts for $703 million Mar 13th 2012, 11:33 Tue Mar 13, 2012 7:33am EDT (Reuters) - Private equity firm Apollo Global Management (APO.N) said its affiliate will buy the operator of indoor water park resorts Great Wolf Resorts (WOLF.O) for about $703 million, including debt. Apollo's offer of $5 a share is at a 19 percent premium to Great Wolf's Monday closing price. "After a thorough assessment, we concluded that the proposal put forth by Apollo is the best way to maximize value for shareholders, who will receive a substantial and immediate cash premium for their shares," said Kim Schaefer, chief executive of Great Wolf. In a separate release, Great Wolf said it had adopted a rights plan which will be exercised if a person or group other than Apollo acquires more than 12.5 percent of the company's common stock. Shares of Apollo Global closed at $14.27 on Monday on the New York Stock Exchange while those of Great Wolf closed at $4.19 on the Nasdaq.

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