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Great Wolf Resorts agrees to be acquired

Great Wolf Resorts Inc., which owns the Great Wolf Lodge in Sandusky and 10 other indoor water park resorts nationwide, has agreed to be acquired by private equity firm Apollo Global Management for $703 million, the companies announced Tuesday.

New York-based Apollo will acquire Madison, Wis.-based Great Wolf for $5 a share, which the equity group said is a 19.3 percent premium over Great Wolf’s Monday closing price of $4.12. It closed Tuesday at $5.32 a share. Apollo will also assume the resort company’s debt.

The transaction has been approved by Great Wolf’s board, which has recommended that stockholders tender their shares.

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