Intrawest stockholders vote in favor of private takeover

Shareholders of ski resort owner Intrawest Corp. voted Tuesday in favor of a takeover offer from a U.S. private-equity firm.

VANCOUVER, British Columbia — Shareholders of ski resort owner and travel company Intrawest Corp. voted Tuesday in favor of a $1.8 billion takeover offer from the U.S. private-equity firm Fortress Investment Group LLC.
    Under the deal approved by a 99 percent favorable vote, Fortress agreed to pay $35 per share in cash for the company, which owns the Copper Mountain and Winter Park resorts in Colorado, Stratton in Vermont and Whistler-Blackcomb in British Columbia, among others.   
    Fortress is also assuming $950 million in debt in the deal. The agreement required approval by two-thirds of its shareholders.
    Intrawest's largest shareholder, Norwalk, Conn.-based Pirate Capital LLC, had pushed for the deal.
The Vancouver, British Columbia-based Fortress hopes to receive regulatory and court approval so it can close the deal by the end of the month. Fortress plans to keep Intrawest and its management team headquartered in Vancouver.

— The Associated Press