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Intrawest sold itself to a private equity fund for $2.8 billion this morning after Pirate Capital, a dissident hedge fund and IDR's largest shareholder, put pressure on management to sell the company to the highest bidder.
The company who bought them(I cant remember the name, its just 1 word...) is also assuming all of Intrawest's debt, which is something like >$1 billion. They are offering $35/share which is a good deal(the only reason the shares are over that right now is because of the announcement of the offer). Oh and also it hasent actualy been sold yet, its just an offer; no one has accepted it.
umm actually they don't won sun peaks or st anne. however, they do own whistler/blackcomb, panorama, blue mountain, tremblant, as well as large parts of the villages/towns surrounding each resort. also several ski, sun, and golf resorts worldwide.
they only own the village at Squaw, not the hill. And the land in the village that they bought has a bunch of fuel tanks that they weren't informed about, so they have to dig those all out for environmental reasons.
intrawest was sold to Fortress Investment Group. These peeps baught out michealjacksons debt of 270 billion so intrawest is chump change to them. The operating plan is the exact same, buisiness as usual. p.s. intrawest recently sold mammoth but still ownes all the real estate. Who cares anyways, as long as we can still rip it up.
yeah theres no way they would change any business workings. it's too much of a cash cow the way it is. no worries there. I'm just a little sad that my beloved (although evil conglomerate) vancouver based Intrawest is now going to be owned be an even bigger evil conglomerate from new york
I know people that own their stock and they have not voted on it yet so it is not sold yet. And after the stock holders say it is a good deal then they work it out believe me the company will not be sold untill october or november.