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Vail Resorts, Whistler Blackcomb Tie-Up Wins Canada Act Approval.

M2 EQUITYBITES-October 5, 2016-Vail Resorts, Whistler Blackcomb Tie-Up Wins Canada Act Approval

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5 October 2016 - Broomfield, Colorado-based ski resort operator Vail Resorts, Inc. (NYSE: MTN) has received Investment Canada Act approval in connection with the company's acquisition of Canada-based four season mountain resort operator Whistler Blackcomb Holdings Inc. (TSX: WB), the company said.

As previously reported on 23 September, the Canadian Competition Bureau issued a no-action letter under the Competition Act (Canada) in respect of the arrangement.

No further regulatory approvals are required in order for the transaction to close.

In August, Vail Resorts agreed to acquire all the stock of Whistler Blackcomb in a deal worth USD 1.056bn.

The proposed combination remains subject to customary closing conditions, including approval by Whistler Blackcomb shareholders and the Supreme Court of British Columbia and approval under the Investment Canada Act. The transaction is expected to close in the fall of 2016.

Vail said that the aggregate cash component of the offer is estimated to be USD 513m (CDN 676m) which Vail Resorts intends to finance through an expansion of its existing credit facility. The aggregate stock component of the offer is estimated to be USD 543m (CDN 715m), based on stock close and exchange rates on 5 August, 2016.

This transaction has been unanimously approved by both companies' boards of directors, and shareholders representing 25% of Whistler Blackcomb's common shares have entered into voting support agreements in connection with the transaction.

Whistler Mountain and Blackcomb Mountain are two side-by-side mountains with more than 200 trails, over 8,000 acres of terrain, 14 alpine bowls and three glaciers.

Vail Resorts, Inc., through its subsidiaries, operates nine mountain resorts and two urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado.

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Publication:M2 EquityBites (EQB)
Geographic Code:1U8CO
Date:Oct 5, 2016
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