Intrawest approves buyout by equity firm
Associated Press
Wednesday, October 18, 2006
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VANCOUVER, British Columbia - Shareholders of resort and travel company Intrawest Corp. voted Tuesday in favor of a $1.8 billion takeover offer from the U.S. private-equity firm Fortress Investment Group LLC.
Under the deal approved by a 99 percent favorable vote, Fortress agreed to pay $35 per share in cash for the company, which owns Copper Mountain and operates Winter Park ski resort in Colorado.
Fortress also is assuming $950 million in debt in the deal.
The agreement required approval by two-thirds of its shareholders.
Intrawest's largest shareholder, Norwalk, Conn.-based Pirate Capital LLC, had pushed for the deal.
Vancouver-based Fortress hopes to receive regulatory and court approval so it can close the deal by the end of the month. Fortress plans to keep Intrawest and its management team headquartered in Vancouver.
Intrawest, the largest ski resort operator in North America, owns or operates 10 ski areas.
In addition to its two Colorado properties, it also owns Whistler/Blackcomb in British Columbia and Stratton Mountain in Vermont.
It also owns private resort clubs, a heli-skiing operation and adventure travel operations.
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