WILDWOOD, Mo. (KMOV.com) – The Wildwood-based Peak Resorts, Inc., which owns Hidden Valley along with 16 other ski properties, has been sold to Vail Resorts, Inc.
Monday morning it was announced that the two companies had entered into a definitive merger agreement. According to the agreement, Vail Resorts will acquire all outstanding shares of Peak Resorts common stock for $11 per share in case. The transaction reportedly represents a 116% premium to Peak Resorts’ closing stock price on July 19.
“For over 22 years, our team has worked tirelessly to create what is one of the country’s premier ski resort companies, with 17 properties across the Northeast, Mid-Atlantic and Midwest. We are now delighted to announce this agreement with Vail Resorts that creates substantial value for our shareholders and new opportunities for our guests,” said Timothy D. Boyd, President and Chief Executive Officer of Peak Resorts. “During my time in the industry, I’ve come to know and respect Vail Resorts and believe they will build on our accomplishments and further improve the experience that our loyal guests enjoy both on and off the mountain.”
The transaction is expected to close this fall. It is subject to certain conditions, which include a vote of Peak Resorts shareholders and antitrust clearance.