Whistler Ski Resort Said to Cut IPO Price; Global Packaging Pulls IPO Sale
Whistler Blackcomb Holdings Inc., owner of the Canadian ski resort that hosted the 2010 Winter Olympics, reduced the share price for its C$300 million ($295 million) initial public offering for the second time in a week, said two people familiar with the sale.
Whistler Blackcomb aims to sell shares for C$12 each, with a dividend yield of 8.12 percent, according to the people, who asked not to be identified because the plans aren’t public. The company previously cut its price range from C$14 to C$15 a share down to C$12.50 and C$13 apiece.
Intrawest ULC, a unit of New York-based buyout firm Fortress Investment Group LLC, is the selling shareholder behind the offering, which is led by CIBC World Markets and RBC Dominion Securities. A message left with Intrawest spokeswoman Tabetha Boot wasn’t immediately returned.
The Whistler Blackcomb reduction comes after Global Packaging Plus Inc., a California maker of plastic packaging, canceled its C$92.5 million IPO earlier today, one of the people said.
SNC-Lavalin scrapped a C$900 million IPO on Oct. 28 for TransAxio Highway Concession Inc., which the Montreal-based construction firm created to buy a stake in Ontario’s 407 Express Toll Road. Companies have pulled or postponed at least 12 IPOs in Canada this year.
A message left with Packaging Plus Chief Financial Officer George Cohen wasn’t immediately returned.