Faruqi & Faruqi, LLP Announces Investigation into Possible Breaches of Fiduciary Duties by the Board of Great Wolf Resorts Inc. in Connection with the Sale of the Company to Apollo Global Management LLC
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Great Wolf Resorts Inc. (“Great Wolf” or the “Company”) (NASDAQ: WOLF) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Apollo Global Management LLC (NYSE: APO), in an all-cash deal valued at about $167 million. Under the terms of the proposed transaction, Great Wolf stockholders will receive $5 in cash for each share of Great Wolf common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $6 for Great Wolf. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.
Whether Great Wolf’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Great Wolf’s shares and by how much this proposed transaction undervalues the Company to the detriment of Great Wolf’s shareholders are the key focus of this investigation.
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