posted
From what I can gather is that AESK will be dissolved tomorrow, so be careful with this one.
27-Jul-2007
Regulation FD Disclosure, Financial Statements and Exhibits
Item 7.01. Regulation FD Disclosure. On July 27, 2007, Robert A. Katz, Chief Executive Officer of Vail Resorts, Inc. ("Vail Resorts" or the "Company"), sent a letter to the Chairman of the Board of American Skiing Company ("ASC") increasing the Vail Resorts' previously undisclosed offer to purchase all of the outstanding stock of ASC's wholly-owned subsidiary, ASC Utah, Inc. ("ASC Utah"), the owner and operator of The Canyons ski resort ("The Canyons").
On July 15, 2007, ASC announced that it had entered into a purchase agreement with Talisker Corporation and Talisker Canyons Finance Co LLC (together, "Talisker") pursuant to which ASC had agreed to sell all of its stock in ASC Utah to Talisker for $100 million (the "Talisker Offer").
Prior to the announcement of the Talisker Offer, Vail Resorts had been actively negotiating with ASC to purchase The Canyons and believed that both parties had reached an agreement in principal on a definitive purchase agreement.
In response to the Talisker Offer, Vail Resorts is making a superior offer to ASC for the stock of ASC Utah, with a purchase price of $110 million - a 10% premium to the Talisker Offer and an increase in the non-refundable deposit due at signing to $10 million.
The information in this Item 7.01, including the exhibit, is furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, regardless of any general language in such filings.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are filed or furnished herewith:
Exhibit No. Description
99.1 Letter to American Skiing Company, dated as of July 27, 2007, regarding increased offer to purchase all outstanding stock of ASC Utah, Inc.
posted
Be very very careful. According to the filings, when this is dissovled their will be no money left for common share holders. Read the fillings
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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Edited to add: I wish I had noticed it sooner, since it went up over 40% today. But I'm thinking it will still have more upside. It's 52-week high was $3.73.
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Edited to add: I wish I had noticed it sooner, since it went up over 40% today. But I'm thinking it will still have more upside. It's 52-week high was $3.73.
posted
MPWE has lots of volume coming in at the ask this morning. Could be the bounce I'm looking for.
Posts: 2329 | From: MD | Registered: Jul 2005
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