WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Intrawest Resorts Holdings, Inc. (NYSE: SNOW) (“Intrawest Resorts” or the “Company”) relating to the sale of the Company to affiliates of private equity firm KSL Capital Partners, LLC (“KSL”) and Aspen Skiing Company, L.L.C (“Aspen Skiing”). On April 10, 2017, the parties announced the signing of a definitive merger agreement pursuant to which Aspen Skiing and KSL will acquire Intrawest Resorts in a merger worth $1.5 billion. As a result of the merger, Intrawest Resorts’ shareholders are only anticipated to receive $23.75 per share in cash in exchange for each share of Intrawest Resorts.
Andrews & Springer’s investigation so far has revealed that the consideration Intrawest Resorts’ shareholders are expected to receive is grossly inadequate. While the Company claims that shareholders will receive a premium for their shares in light of the Company’s January 2017 stock price, the $23.75 per share deal consideration is less than the Company’s $25.30 per share closing price as of April 7, 2017, the last day of trading before the merger was announced. The $23.75 per share consideration is also considerably less than the $26.00 per share price target that was set by an analyst at Macquarie Research, one week before the merger was announced.
Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
If you own shares of Intrawest Resorts and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/intrawest-resorts-class-action-investigation/ or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
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