KSL made an unsolicited offer of $7 a share in cash, Madison, Wisconsin-based Great Wolf said in a statement today, adding that it would consider the proposal. Great Wolf said on April 6 it agreed to a sweetened bid from Apollo of $6.75 a share.

The latest offer from KSL, a Denver-based private equity firm, is 40 percent more than the original $5 a share transaction that Great Wolf and Apollo disclosed last month. Great Wolf owns 11 resorts that cater to families and feature indoor water parks, suite-style rooms, restaurants, spas and arcades.

As part of the revised deal with Apollo disclosed April 6, Great Wolf agreed to boost the fee it owes Apollo if it accepts a higher offer to $9 million from $7 million. Holders have until April 20 at midnight to tender their shares into the Apollo offer, Great Wolf said in the April 6 statement.

Apollo, the New York buyout firm founded by Leon Black, declined to comment through spokesman Charles Zehren.

KSL Capital invests in resorts and spas. It was founded in 2005 by two former executives of a KKR & Co. portfolio company that owned resorts, according to its website.

Midwestern Roots

Great Wolf opened its first lodge in Wisconsin Dells, Wisconsin, in 1997. The chain has expanded into eight other U.S. states and Canada since then.

Shares of Great Wolf rose 88 cents to $6.58 in Nasdaq trading on April 5. The stock has more than doubled year to date. Apollo rose 22 cents to $14.35 on April 5. The stock is up 16 percent year to date.

Great Wolf is getting financial advice from Deutsche Bank AG and legal counsel from Paul Weiss Rifkind Wharton & Garrison LLP and Young Conaway Stargatt & Taylor LLP. Apollo said last month it was using Morgan Stanley, UBS AG, Nomura Holdings Inc., and Akin Gump Strauss Hauer & Feld LLP.

To contact the reporter on this story: Zachary Mider in New York at zmider1@bloomberg.net.

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net

http://www.bloomberg.com/news/2012-04-08/great-wolf-says-it-got-7-share-takover-offer-from-ksl-capital.html

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