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The bid, which marks the third time New York-based Apollo sweetened its bid for the resort operator, comes days after Madison, Wis.-based Great Wolf received an offer of $7.25 by private equity firm KSL Capital Partners.
Apollo’s K-9 Acquisition said it will offer Great Wolf Resorts $7.85 a share in cash, up from its earlier $7 bid, representing a premium of 78% over Great Wolf’s closing stock price the day before the takeover talks were first announced in March.
The sweetened bid was unanimously approved by Great Wolf’s board of directors. It has recommended that shareholder tender their shares into Apollo’s revised offer, which will be extended until the morning of May 4.