Mount Snow Parent Company To Be Acquired By Vail Resorts

WEST DOVER, VT — Mount Snow parent company Peak Resorts Inc. on Monday announced it has entered into a "definitive merger agreement" with Vail Resorts Inc. Mount Snow is a popular destination for Connecticut snow sports enthusiasts.

The sale price was not disclosed, but, according to the announcement, Vail Resorts will acquire all outstanding shares of Peak common stock for $11 per share in cash.

The transaction represents a 116 percent premium to Peak Resorts closing stock price on July 19, according to the announcement.

Peak stock opened Monday trading at $5.10 per share on the Nasdaq market, down 0.2 percent from that Friday closing price.

The transaction is expected to close in the fall and is subject to certain conditions, including a vote of Peak Resorts shareholders and antitrust clearance.

"During my time in the industry, I’ve come to know and respect Vail Resorts and believe they will build on our accomplishments and further improve the experience that our loyal guests enjoy both on and off the mountain," Boyd said.

Mount Snow in Vermont is the premier resort under the Peak banner. Other Northeast holdings are Hunter Mountain in New York and Attitash, Wildcat and Crotched in New Hampshire. Peak also owns snow sports areas in Pennsylvania and in the Midwest. Peak owns 17 in all.

It's the second major move in conecutive summers for Vail. It acquired Okemo Mountain Resortlast year.

Vail CEO Rob Katz said. "We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our company. Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in (the Northeast). With this acquisition, we’re also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest, and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit. Tim and his team have assembled a fantastic array of resorts and created a strong and loyal guest network. We look forward to welcoming Peak Resorts’ guests and team members to the Vail Resorts family."

The transaction was approved by the Boards of Directors of both companies.

Peak Resorts’ Board of Directors also recommends that the Company’s shareholders approve the transaction.