Intrawest Corporation, the company that owns Sandestin Golf and Beach Resort, recently announced that it has entered into a buyout agreement with Fortress Investment Group LLC for $1.8 billion.
In entering this agreement, Fortress ? a global investment and asset management firm with about $23 billion in equity capital under management ? will assume almost $1 billion of Intrawest debt and take control of the group's diverse portfolio of leisure assets, including the Sandestin Golf and Beach Resort.
Fortress has agreed to pay $35 per share. The total value of the transaction, including the existing debt of Intrawest, is $2.8 billion.
?The Board of Directors of Intrawest has determined that the transaction with Fortress is the best alternative for the shareholders and is in the best interests of the company,? said Gordon MacDougall, lead director of Intrawest Corporation. ?The Intrawest Board has unanimously recommended that the shareholders of Intrawest approve the transaction.?
The transaction will be carried out by way of a statutory plan of arrangement and must be approved by the applicable court and by 66.66 percent of the votes cast by holders of Intrawest shares. The proposed transaction is expected to close in October, shortly after receipt of shareholder and court approvals.
This all-cash transaction for 100 percent of the company?s shares represents a 20 percent premium over Intrawest?s closing price on Feb. 27, the last trading day before the company announced its intention to review its strategic options, and a 32 percent premium over the closing price prior to the announcement of the offer.
With this acquisition, Fortress is in better position to build a global leisure empire. This could mean big business for Sandestin and other Intrawest-owned properties.
In entering this agreement, Fortress ? a global investment and asset management firm with about $23 billion in equity capital under management ? will assume almost $1 billion of Intrawest debt and take control of the group's diverse portfolio of leisure assets, including the Sandestin Golf and Beach Resort.
Fortress has agreed to pay $35 per share. The total value of the transaction, including the existing debt of Intrawest, is $2.8 billion.
?The Board of Directors of Intrawest has determined that the transaction with Fortress is the best alternative for the shareholders and is in the best interests of the company,? said Gordon MacDougall, lead director of Intrawest Corporation. ?The Intrawest Board has unanimously recommended that the shareholders of Intrawest approve the transaction.?
The transaction will be carried out by way of a statutory plan of arrangement and must be approved by the applicable court and by 66.66 percent of the votes cast by holders of Intrawest shares. The proposed transaction is expected to close in October, shortly after receipt of shareholder and court approvals.
This all-cash transaction for 100 percent of the company?s shares represents a 20 percent premium over Intrawest?s closing price on Feb. 27, the last trading day before the company announced its intention to review its strategic options, and a 32 percent premium over the closing price prior to the announcement of the offer.
With this acquisition, Fortress is in better position to build a global leisure empire. This could mean big business for Sandestin and other Intrawest-owned properties.
I think they got confused and started building the Seaside Fortress first. :funn:
