Intrawest Announces HSR Clearance for Proposed Transaction
June 24 2017 - 1:00AM
Business Wire
Intrawest Resorts Holdings, Inc. (NYSE: SNOW), a leading
North American mountain resort and adventure company, today
announced that the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has
expired with respect to the proposed acquisition of Intrawest by a
newly-formed entity controlled by affiliates of Aspen Skiing
Company, L.L.C. and KSL Capital Partners, LLC. Expiration of the
waiting period under the HSR Act satisfies one of the conditions to
the closing of the pending merger.
The transaction remains subject to other certain closing
conditions, and it is expected to close by the end of the third
quarter of calendar year 2017.
About Intrawest Resorts Holdings, Inc.
Intrawest is a North American mountain resort and adventure
company, delivering distinctive vacation and travel experiences to
its customers for over three decades. The Company wholly owns
and/or operates six four-season mountain resorts with approximately
8,000 skiable acres and over 1,100 acres of land available for real
estate development. Intrawest’s mountain resorts are geographically
diversified across most of North America’s major ski regions,
including the Eastern United States, the Rocky Mountains, and
Canada. The Company also operates an adventure travel business, the
cornerstone of which is Canadian Mountain Holidays, a leading
heli-skiing adventure company in North America. Additionally, the
Company operates a comprehensive real estate business through which
it manages condominium hotel properties and sells and markets
residential real estate. Intrawest Resorts Holdings, Inc. common
stock is traded on the New York Stock Exchange (NYSE: SNOW). For
more information, visit www.intrawest.com.
About Aspen Skiing Company
Aspen Skiing Company owns and operates the four mountains of
Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and
Buttermilk – as well hospitality properties The Little Nell,
Residences at The Little Nell, Limelight Aspen and Limelight
Ketchum in Ketchum, Idaho. In addition, Aspen Skiing Company owns
and operates numerous retail and rental locations through the
resort and the Roaring Fork Valley. For more information, visit
www.aspensnowmass.com.
About KSL Capital Partners
KSL Capital Partners, LLC (KSL) is a private equity firm
specializing in travel and leisure enterprises in five primary
sectors: hospitality, recreation, clubs, real estate and travel
services. KSL has offices in Denver, Colorado; Stamford,
Connecticut; and London. Since 2005, KSL has raised approximately
$7.5 billion in equity capital commitments. KSL’s current portfolio
includes some of the premier properties in travel and leisure. For
more information, please visit www.kslcapital.com.
Forward-Looking Statements
This press release includes “forward - looking statements”
within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “anticipate,” “believe,” “intend,” “expect,” “estimate,”
“plan,” “outlook” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These statements are based on
current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially from those
anticipated as a result of various factors, including: (1)
conditions to the closing of the proposed transaction, including
the obtaining of required regulatory approvals, may not be
satisfied; (2) the proposed transaction may involve unexpected
costs, liabilities or delays; (3) the business of Intrawest may
suffer as a result of uncertainty surrounding the proposed
transaction; (4) the outcome of any legal proceedings related to
the proposed transaction; (5) Intrawest may be adversely affected
by other economic, business, and/or competitive factors; (6) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (7) the
ability to recognize benefits of the proposed transaction; (8)
risks that the proposed transaction disrupts current plans and
operations and the potential difficulties in employee retention as
a result of the proposed transaction; (9) other risks to
consummation of the proposed transaction, including the risk that
the proposed transaction will not be consummated within the
expected time period or at all; and (10) the risks described from
time to time in Intrawest’s reports filed with the SEC under the
heading “Risk Factors,” including, without limitation, the risks
described under the caption “Risk Factors” in Part I - Item 1A.,
“Risk Factors” in Intrawest’s Annual Report on Form 10-K for the
year ended June 30, 2016, filed with the Securities and Exchange
Commission (“SEC”) on September 8, 2016, as amended, and as may be
revised in Intrawest’s future SEC filings. In light of these risks,
uncertainties and assumptions, the future events and trends
discussed in this release may not occur and actual results could
differ materially and adversely from those anticipated or implied
in the forward-looking statements. None of Intrawest, the Crown
Family or KSL Capital Partners undertakes any obligation to revise
or publicly release the results of any revision to these
forward-looking statements, except as required by law. Given these
risks and uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements.
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Intrawest Resorts Holdings, Inc.Investor
Relations303-749-8370InvestorRelations@intrawest.com
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