Shareholder Rights Law Firm Johnson & Weaver, LLP Investigates Great Wolf Resorts, Inc. In Connection With Acquisition By Apo...
March 14 2012 - 1:01PM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP announces
that it is investigating whether certain officers and directors of
Great Wolf Resorts, Inc. (NASDAQ: WOLF) breached their fiduciary
duties to current shareholders in connection with their efforts to
sell the company to an affiliate of Apollo Global Management, LLC
(NYSE: APO). The firm’s investigation seeks to determine, among
other things, whether the board failed to maximize shareholder
value, and whether self-dealing influenced the decision by Great
Wolf to enter into the merger agreement with Apollo.
On March 13, 2012, Great Wolf announced that it had entered into
a definitive merger agreement to be acquired by an affiliate of
Apollo. According to the terms of the deal, Apollo will commence a
tender offer on March 13, 2012, to purchase all outstanding shares
of Great Wolf common stock for $5.00 per share.
Johnson & Weaver, LLP’s investigation focuses on whether
Great Wolf’s board is undertaking a fair process to obtain maximum
value and adequately compensate the company’s shareholders. At
least one leading market analyst has released a target price for
Great Wolf that values shares of the company’s common stock at
$6.00 per share, considerably higher than the value being offered
by Apollo as part of the proposed transaction. Moreover, the price
to EBITDA, revenue and asset multiples are lower than that of
comparable transactions.
Johnson & Weaver, LLP is also examining whether self-dealing
and other employment guarantees played a part in the decision by
Great Wolf to enter into the merger agreement with Apollo.
According to the terms of the deal, the current officers of Great
Wolf are slated to become the officers in the surviving corporation
upon closure of the proposed deal.
Johnson & Weaver, LLP invites current Great Wolf
shareholders who are concerned about their legal rights and
remedies to contact attorney Shawn Fields at (619) 230-0063 or
shawnf@johnsonandweaver.com.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits. For more information about the firm and its attorneys,
please visit http://www.johnsonandweaver.com.
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