Mount Snow Parent Shareholders OK Vail Resorts Acquisition

WEST DOVER, VT — Shareholders of Mount Snow parent company Peak Resorts Inc. on Friday announced that the company’s shareholders, at a special meeting, approved the merger agreement for its acquisition by Vail Resorts, Inc.

Mount Snow is a popular snow sports destination for Connecticut skiers and snowboarders.

Under the terms of the merger agreement, Peak Resorts’ common shareholders will be entitled to receive $11 per share in cash at the close of the acquisition. The transaction is expected to be finalized on or about Sept. 24.

Upon completion of the acquisition, Peak Resorts will become privately held as an indirect, wholly owned subsidiary of Vail Resorts.

According to the final voting results, approximately 89 percent of the company’s outstanding shares, at the close of business on Aug 19 , the record date, voted in favor of the merger agreement, assuming the conversion of the shares of Series A preferred stock.

The exact sale price was not disclosed.

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

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 seasons for Vail. It acquired Okemo Mountain Resort last year.