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Intrawest to be taken private in US$1.5bn deal

Monday, April 10, 2017 7:43
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(Before It's News)

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


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