Peak Resorts, Inc shareholders approve sale to Vail. Mount Snow photo of the start of snowmaking last year.
Vermont Business Magazine Peak Resorts, Inc (Nasdaq:SKIS), which runs Mount Snow in West Dover, Vermont, announced Friday that its shareholders, at a special meeting held September 20, have approved Peak's acquisition by Vail Resorts, Inc (NYSE: MTN). Under the terms of the merger agreement, Peak Resorts’ common shareholders will be entitled to receive $11.00 per share in cash at the closing of the acquisition, or about $264 million. The transaction closed Tuesday. The deal was first announced in July.
Colorado-based Vail has been on a worldwide buying spree and will now own three Vermont resorts: Mt Snow, Okemo (acquired 2018) and Stowe Mountain Resort ( acquired 2017).
Upon completion of the acquisition, Peak Resorts will become privately held as an indirect, wholly-owned subsidiary of Vail Resorts. Mount Snow is Peak's largest ski resort.
Vail has pledged to put $15 million into the Peak properties over the next two years. Mt Snow is the largest in the group, which includes Attitash, Wildcat and Crotched Mountain in New Hampshire, Hunger Mountain in New York, as well as several resorts in the Midwest.
The 17 new resorts are located in the Northeast, Mid-Atlantic and Midwest, near major metropolitan areas including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. Louis, Kansas City and Louisville.
"We are thrilled that with this acquisition, skiers and riders living in and around some of the biggest cities in the country will now have access to both ski close to home and at renowned mountain resorts around the world – with just one pass," said Rob Katz, chairman and chief executive officer of Vail Resorts. "We are excited to welcome each of these ski areas into the Vail Resorts family and to continue to invest in what makes them unique."
The new resorts in the Northeast are: Mount Snow in Vermont; Hunter Mountain in New York; and Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire. They join the company's existing Northeast resorts – Stowe Mountain Resort and Okemo Mountain Resort in Vermont, and Mount Sunapee Resort in New Hampshire – and together will provide skiers and riders incredible variety and choice in the region.
In the Mid-Atlantic, the acquired resorts are: Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania.
In the Midwest, the new resorts are: Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana. They join the Company's other Urban resorts in the Midwest which draw guests from Chicago, Detroit and Minneapolis. Those resorts are: Wilmot Mountain in Wisconsin; Mt. Brighton in Michigan; and Afton Alps in Minnesota.
According to the final voting results, approximately 89% of the Company’s outstanding shares, as of the close of business on August 19, 2019, the record date, voted in favor of the merger agreement, assuming the conversion of the shares of Series A preferred stock. No shareholder as of the record date has filed with the Company, before or at the Special Meeting, a written objection to the merger that was approved at the Special Meeting.
The consummation of the merger remains subject to the satisfaction or waiver of certain other closing conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission (“SEC”) by the Company on August 20, 2019, as supplemented by the supplemental disclosures filed with the SEC by the Company on August 29, 2019, September 4, 2019 and September 11, 2019.
About Peak Resorts
Headquartered in Missouri, Peak Resorts is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. The Company operates 17 ski resorts primarily located in the Northeast, Mid-Atlantic and Midwest, 16 of which are company-owned.
The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Baltimore, Washington D.C., Cleveland, Kansas City and St. Louis, enabling day and overnight drive accessibility. The resorts under the company's umbrella offer a breadth of activities, services and amenities, including skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction, and mountain biking, golf and other summer activities. To learn more, visit the Company’s website at ir.peakresorts.com or follow Peak Resorts on Facebook for resort updates.
Source: WILDWOOD, Mo., Sept. 20, 2019 (GLOBE NEWSWIRE) -- Peak Resorts, Inc