(News) Great Wolf Resorts, Inc. (NASDAQ: WOLF) announced that its Board of Directors has received a committed offer from KSL Capital Partners to acquire Great Wolf for $7.00 per share in cash, subject to the terms and conditions of the merger agreement provided with the offer. The company stated that, based on a consultation with its independent financial and legal advisors, the Great Wolf Board has determined that the KSL Offer constitutes a "Superior Proposal" to the current offer of US$6.75 per share by Apollo.In accordance with the terms of the Apollo Merger Agreement, Great Wolf has provided written notice to Apollo that Great Wolf is prepared to terminate the Apollo Merger Agreement subject to Apollo's right to make adjustments, within three business days. Great Wolf did add that it has "not withdrawn, modified, amended or qualified its recommendation with respect to the tender offer and other transactions contemplated by the Apollo Merger Agreement, and is not making any recommendation at this time with respect to the KSL Offer." The board will take its decision in three days.Last week Great Wolf Resorts announced that it has received an unsolicited letter from KSL Capital Partners proposing to acquire Great Wolf for $7.00 per share in cash, subject to certain conditions, including due diligence and certain conditions related to debt waivers. The move is a reaction to the recent increased offer made by Apollo, which had increased its US$5.00 per share bid to $6.75. The bidding war between the two companies for Great Wolf is moving into its third week.
read more: Great Wolf Resorts leans towards KSL Capital Partners offer of US$7.00 per share