Apollo Global Management appears to have beaten out fellow private-equity firm KSL Capital Partners in a three-week bidding war for Great Wolf Resorts, the largest North American operator of indoor water parks.
Apollo on Friday raised its Great Wolf bid to $7.85 a share from its prior offer of $7 a share the day after KSL Capital Partners offered $7.25 a share.
KSL on late Friday said it wouldn’t make further offers, according to Great Wolf.
At $7.85 a share, the offer for Great Wolf, including its debt, is worth about $760 million.
Great Wolf owns and operates 11 resorts with indoor water parks (10 in the U.S., one in Canada) under the Great Wolf Lodge brand.
Apollo first bid on Great Wolf with an offer of $5 a share last month, while KSL started the bidding war with an unsolicited April 4 offer of $6.25 a share.
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