Summary Box: Apollo to buy Great Wolf

AP News
Posted: Mar 13, 2012 5:27 PM
Summary Box: Apollo to buy Great Wolf

THE DEAL: Investment firm Apollo Global Management LLC has agreed to acquire indoor water park operator Great Wolf Resorts Inc. for about $167.1 million.

THE DETAILS: New York-based Apollo will buy Great Wolf for $5 per share, which represents a 19 percent premium over the Madison, Wis.-based company's closing stock price on Monday. Based on Great Wolf's about 33.4 million outstanding shares, the deal is worth about $167.1 million. Apollo valued the deal at $703 million including the assumption of debt.

THE SHARES: Great Wolf shares jumped 97 cents, or 23 percent, to $5.16 in heavy afternoon trading.