Ski Industry Rivals Ok $104 Million Deal
SKI Ltd. and LBO Enterprises said Tuesday they have agreed to merge in a $104 million deal that will create the largest ski resort company in North America.
Under the deal, Bethel, Maine-based LBO Enterprises will swallow its older and more established rival for $18 per share. That represented a 25.2 percent premium over the $14.37-1/2 a share closing price Monday for SKI.
SKI stock surged 19 percent Tuesday to close up $2.75 per share at $17.12-1/2 on the Nasdaq Stock Market.
SKI, based in Sherburne, Vt., is the nation’s largest publicly traded ski resort company. It owns Killington in Vermont, Waterville Valley in New Hampshire, and a majority stake in Sugarloaf USA in Maine.
LBO operates Sunday River in Maine; Sugarbush in Vermont; and Attitash in New Hampshire.