vail resorts inc (MTN) Key Developments
Vail Resorts Mulls Acquisitions
Apr 21 15
Vail Resorts Inc. (NYSE:MTN), which has recently acquired Perisher, is looking for further acquisitions. Vail Resorts’ Chairman and Chief Executive Officer, Rob Katz indicated that the company was ‘absolutely’ looking at other countries. The official added, “The markets that we have focused on other than Australia have been Japan, China, Canada and Europe. We are the biggest ski company in the world so we are always having conversations with people, sometimes it’s about acquisitions, sometimes it’s about just partnerships and different marketing arrangements and sometimes it’s talking about the industry.”
Vail Resorts, Inc. Announces Resignation of Richard D. Kincaid from the Board of Directors
Apr 9 15
On April 8, 2015, Richard D. Kincaid resigned from the Board of Directors of Vail Resorts Inc., effective immediately.
Vail Resorts Signs an Agreement to Manage The Yarrow Resort Hotel & Conference Center
Apr 6 15
Vail Resorts has signed an agreement to manage The Yarrow Resort Hotel & Conference Center, a completely remodeled hotel and conference center located in the heart of Park City just minutes from Main Street, Park City Mountain Resort and Canyons Resort. Vail Resorts' management agreement along with the rebranding of the hotel as a DoubleTree by Hilton will mutually commence in the next several weeks. The Yarrow has received major upgrades including a full interior makeover of all 182 guest rooms and public areas in anticipation of being branded as a DoubleTree by Hilton. The hotel now boasts a larger fitness center with all new equipment, a larger bar with a sleek new design, a new coffee shop and a new game room. Additionally, The Yarrow offers 12,000 square feet of meeting and ballroom space.
Vail Resorts, Inc to Acquire Perisher Ski Resort in New South Wales, Australia
Mar 31 15
Vail Resorts Inc. announced that the company has agreed to acquire its first international mountain resort, Perisher Ski Resort in New South Wales, Australia, for total cash consideration of AUD 176.6 million (approximately $136 million), subject to certain adjustments. Perisher is the large and most visited ski resort in Australia, and is well-positioned with access to the country's large cities, including Sydney, Melbourne, Adelaide, Canberra and Brisbane. Perisher is also the large ski resort in the Southern Hemisphere. The acquisition is expected to close in the fourth quarter of fiscal 2015 following the satisfaction of certain conditions, including approval by the New South Wales Government under the long-term lease and license noted below. At closing, the Company intends to fund the purchase price with cash on hand and the revolver portion of its senior credit facility. Depending upon timing of the closing, the Company will pay the sellers or receive from the sellers the net cash flow of Perisher since January 25, 2015. In addition, the agreement provides that the company will pay New South Wales stamp duty related to the acquisition, estimated to be approximately AUD 4 million ($3 million).
Randall E. Mehrberg to Leave Vail Resorts, Inc. as Executive Vice President, General Counsel and Secretary, Effective April 17, 2015
Mar 23 15
On March 18, 2015, Vail Resorts Inc. and Randall E. Mehrberg, it's Executive Vice President, General Counsel and Secretary, agreed that he will leave the company, effective April 17, 2015. He will be entitled to certain severance benefits consistent with the company's severance practice. Mr. Mehrberg joined the company in the midst of the Park City litigation and was instrumental in the company's successful efforts to acquire Park City.