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Fly News Breaks for July 22, 2019
MTN, SKIS
Jul 22, 2019 | 10:03 EDT
Stifel analyst Brad Boyer notes that Vail Resorts (MTN) announced it has entered into an agreement to acquire Peak Resorts (SKIS) for $11 per share, a deal he views as a "win-win" for both parties. In the case of Peak Resorts, the company is obtaining what he believes to be the fair market value of its assets for its shareholders. Boyer is "equally as upbeat" on the merits of the announcement for Vail Resorts' stakeholders, as he believes key items will directly accrue to their benefit over time, namely the $60M pro-forma EBITDA number management established, the geographic location of Peak's portfolio that should provide a nice "network effect" boost to Vail's season pass program, and Vail's bigger size and relationships that should draw additional third-party capital into the Mount Snow base and surrounding areas.
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