Great Wolf Backs KSL's $234M Bid Over Apollo's Offer

Law360, New York (April 16, 2012, 11:45 AM EDT) -- Great Wolf Resorts Inc. switched sides Sunday in the private equity bidding war to buy it, declaring a $234 million offer from KSL Capital Partners as superior to a signed merger agreement with Apollo Global Management.

The two buyout firms had been upping their offers for Great Wolf, which calls itself North America's biggest indoor water park operator, since March. Great Wolf's board had first backed Apollo's $6.75 per-share bid, but said Sunday that KSL's $7 per-share offer constituted a better deal.

The board has not...
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