Vail Resorts sues over its bid to buy The Canyons
Vail Resorts Inc. has offered to pay $110 million for The Canyons ski area in Park City, Utah, topping a rival offer by $10 million, according to a regulatory filing.
VAIL RESORTS has offered to pay $110 million for The Canyons ski area in Park City, Utah, topping a rival offer by $10 million, according to a regulatory filing.
Earlier this month, American Skiing Co. said it was selling The Canyons for $100 million to an affiliate of Toronto-based Talisker Corp.
American Skiing Co. Senior Vice President Chip Carey, in comments to the Rocky Mountain News, called the development “interesting” but declined to comment further until he could learn more about Vail Resorts' move.
Vail Resorts disclosed in a letter dated Friday that it had been nearing its own deal to buy the 3,700-acre resort from American Skiing Co. this month when it learned that the real estate company Peninsula Advisors allegedly threatened legal action if the sale happened, according to a document filed Friday with the Securities and Exchange Commission.
Later, the sale to Talisker was announced.
Vail Resorts said it was taking legal action against both Talisker and Peninsula Advisors, which it alleged conspired with Talisker to block a purchase by Vail Resorts, according to the SEC filing.
A hearing in Denver District Court was scheduled for Wednesday, The Denver Post reported.
— The Associated Press