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Peak Is Going EPIC -- Peak Resorts, Inc. And Vail Resorts, Inc. Enter Into Merger Agreement

Credit: Peak Resorts, Inc. - Vail Resorts, Inc. -  Nick Youngson [CC BY-SA 3.0] - Ski Rex Media
In a press release from Peak Resorts, Inc. that was released this morning, July 22, it has been stated that Peak Resorts, Inc. and Vail Resorts, Inc. have entered into a definitive merger agreement.

The all-cash transaction, which is expected to close this fall, will see Vail Resorts acquiring all outstanding shares of common stock of Peak Resorts for $11.00 a share. This deal, however, is subject to a vote of Peak Resorts shareholders and antitrust clearance, as well as other conditions.

According to the press release, the Boards of Directors of both companies have approved the transaction, with Peak Resorts recommending that the shareholders vote to approve the transaction, as well. This recommendation comes with some apparent excitement from Timothy D. Boyd, President, and CEO of Peak Resorts.

“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.
“An important driver of our success is the Peak Pass, the leading season pass option for Northeast skiers and riders. With a growing number of customers taking advantage of unlimited access to resorts such as Mount Snow and Hunter Mountain, the Peak Pass has become a valuable asset. Our properties are also in excellent condition thanks to a number of recently completed capital projects, including upgrades to our snowmaking capabilities, terrain expansions and infrastructure improvements. Going forward under Vail Resorts’ leadership, we expect guests will see a continued focus on the customer experience that will further the appeal and growth of our resorts and the strong affinity of our guests. Furthermore, I believe our extremely capable team will become an integral part of the long-term Vail Resorts success as they represent a tremendous asset to our guests and to our resorts.”
Rob Katz, Chairman and Chief Executive Officer of Vail Resorts, added, “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 New York and Boston. 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.”
This merger will allow Vail Resorts to have a much larger presence in the Northeast, MidWest, and Mid-Atlantic regions. Peak Resorts currently operates 17 properties in those regions, all of which will be included as part of Vail Resorts EPIC Pass program for this coming season, subject to the completion of the merger, which is according to a social media post from Peak Resorts.

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