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Intrawest to be taken private in US$1.5bn deal
Ski-park operator Intrawest Resort Holdings Inc (NYSE:SNOW) is being taken private after it agreed a US$945mln takeover deal with Aspen Skiing Co and KSL Capital Partners.
Including debt though, the transaction would be worth around US$1.5bn.
Intrawest shareholders will receive US$23.75 a share from Aspen Skiing Co, which owns the popular Aspen Snowmass resort.
Shares fell on the news of the deal as investors had been anticipating a better offer coming in with the stock creeping up towards the US$26 mark at the end of last week.
The per-share price does represent a 40% premium compared to Intrawest’s closing price on January 12, the day before a report suggested the company was exploring a possible sale.
Intrawest owns and operates six resorts in the eastern US, Rocky Mountains and Canada, including the renowned Steamboat resort in Steamboat Springs, Colorado.
It’s being snapped up by a newly formed entity controlled by affiliates of Aspen Skiing Co – which operates several ski resorts in Colorado – and KSL Capital.
Shares fell 6% on Monday to the purchase price of US$23.75.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176244/intrawest-to-be-taken-private-in-us15bn-deal-176244.html
