Great Wolf to be acquired by an affiliate of Apollo Global for $5 per share

An affiliate of Apollo Global Management (APO) and Great Wolf Resorts (WOLF) announced that they have entered into a definitive merger agreement whereby Apollo, a leading global asset manager, will acquire Great Wolf, North America’s largest family of indoor waterpark resorts, for approximately $703M, including the assumption of the Company’s outstanding debt. Through a cash tender offer that is expected to commence today, Apollo will make an offer to purchase all outstanding shares of Great Wolf common stock for $5.00 per share. This offer represents a premium of 72.9% over the six-month average of Great Wolf’s share price ending on March 12, 2012, a premium of 50.4% over the ninety-day average of Great Wolf’s share price ending on March 12, 2012, and a 19.3% premium over Great Wolf’s closing stock price on March 12, 2012. The transaction was unanimously recommended by an independent strategic review committee of the board of directors of Great Wolf and unanimously approved by the board of directors of Great Wolf, who are recommending that Great Wolf stockholders tender their shares in the offer.