Vail - Whistler Merger Moves Forward With More Approvals

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Photo by Thomas Northcut/DigitalVision/Getty Images

Whistler Blackcomb and Vail Resorts are moving forward with the merger they announced back in August 2016. The merger would see Vail Resorts retaining the majority of Whistler Blackcomb employees and the continued local Canadian leadership at Whistler Blackcomb and Vail Resorts, and investing in Whistler Blackcomb’s mountain infrastructure. In a string of recent approvals, most recently the two announced the approval from the Supreme Court of British Columbia and a strategic combination of Whistler Blackcomb shareholders with Vail Resorts.

The final step in concluding the merger, approval by the British Columbian Supreme Court, has been reached after an announcement made by the Supreme Court of British Columbia granted the final order approving the combination. The strategic combination joining Whistler Blackcomb with Vail Resorts will ensue by way of an arrangement under the Business Corporations Act (British Columbia).

The shareholders of Whistler Blackcomb have also approved the merger. Approximately 99.99 percent of the votes cast by all of the Whistler Blackcomb shareholders eligible to vote at the meeting approved the Arrangement.

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Under the terms of the transaction, Vail Resorts will acquire 100 percent of the issued and outstanding shares of Whistler Blackcomb, whose shareholders will receive C$17.50 per share in cash and 0.0998 shares of Vail Resorts common stock for each Whistler share held. The stock component of the consideration is subject to an exchange rate adjustment if the Canadian dollar is above or below US $0.7765 six business days prior to the effective date of transaction.

Based on that exchange rate, if the transaction becomes effective on October 17, 2016, Whistler Blackcomb shareholders will receive C$17.50 per share in cash and 0.097294 shares of Vail Resorts common stock for each Whistler Share held.

The merger is slated to close on October 17, 2016.

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