New York investment team buys Great Wolf Lodge

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MADISON - An investment management firm from New York has agreed to buy the Great Wolf indoor water-park chain that’s based in Madison.

Apollo Global Management said this morning it would acquire the 11 Great Wolf resorts for about $167-millon. The offer was for five-dollars a share – 19-percent more than the stock’s closing price yesterday. The Great Wolf board of directors has unanimously approved the deal – and it advised stock-holders to tender their shares. CEO Kim Schaefer said Apollo’s proposal is quote, “the best way to maximize value for share-holders, who will receive a substantial and immediate cash premium for their shares.” Great Wolf also created a “poison pill” – a stockholder rights plan designed to prevent an unexpected takeover.

The first Great Wolf indoor water-park resort opened in Wisconsin Dells in 1997, and 10 more were later built around the country.

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