Water Park Co. Investor Sues to Halt $703M Apollo Buyout

Law360, Wilmington (March 15, 2012, 1:32 PM EDT) -- A Great Wolf Resorts Inc. shareholder hit the water park operator and its board with a class action Thursday seeking to block private equity giant Apollo Global Management LLC's $703 million bid to take the company private.

Madison, Wis.-based Great Wolf’s directors breached their duty to shareholders by accepting the inadequate $5-per-share offer and freezing out other bidders, according to a complaint lodged by Scott Ferguson in Delaware Chancery Court.

“[Great Wolf]’s past financial results, [its] competitive strengths and its bright future demonstrate the inadequacy of...
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