Posted Thursday, April 19, 2012 --- 11:00 a.m.
MADISON, Wis. (AP) -- The bidding war is not over for Great Wolf Resorts and its 11 indoor water parks.
The Madison company said Thursday KSL Capital Partners has increased its offer to $7.25 cash per share. The offer comes a day after an affiliate of Apollo Global Management, K-9 Acquisition, raised its bid from $6.75 to $7 a share.
Apollo and KSL have been submitting escalating bids since Great Wolf went on the market.
A shareholder lawsuit was filed in U.S. District Court in Madison last month to prevent Great Wolf from being sold to Apollo for its initial offer of $5 a share, plus assumption of debt. The plaintiffs said the $5 a share offer was "woefully inadequate."
Copyright 2012. The Associated Press.