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Apollo to buy Great Wolf for $5 per share
Apollo Global Management to acquire Great Wolf for $5 per share
By The Associated Press

NEW YORK (AP) ' Investment manager Apollo Global Management says it has agreed to acquire indoor water park operator Great Wolf Resorts for about $157.8 million.

Great Wolf operates 11 indoor water parks around the country.

New York-based Apollo Global Management LLC will buy Great Wolf Resorts Inc. 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 31.56 million outstanding shares, the deal is worth $157.8 million. Apollo valued the deal at $703 million including the assumption of debt.

The offer was unanimously approved by Great Wolf's board, which is advising the company's shareholders to tender their shares.

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