Pursuits
Leon Black’s Bid Gets No Respect as Great Wolf Surges: Real M&A
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Traders who like indoor water parks aren’t taking Leon Black seriously.
Great Wolf Resorts Inc., which runs 11 resorts that feature water slides and pools, has traded above a $5-a-share offer from Black’s Apollo Global Management LLC each day since it agreed to sell itself to the buyout firm. The stock rose again today and is now 12 percent higher than the offer, more than any agreed-upon deal in the U.S., according to data compiled by Bloomberg.