Shareholders of Peak Resorts Inc. (Nasdaq: SKIS) on Friday approved the company's sale to Colorado's Vail Resorts (NYSE: MTN), with the deal expected to close on or about Tuesday, officials said.
The companies announced in July that Vail planned to buy Wildwood-based Peak for about $264 million in cash. Peak now has 17 U.S. resorts, 16 of which it owns; Vail operates 17 mountain resorts and three urban ski areas, in the U.S., Canada and Australia.
In a special meeting Friday, about 89% of Peak's shares were voted to approve the merger, officials said. The deal calls for Peak shareholders to receive about $11 per share in cash when the acquisition closes.
After the transaction closes, Peak will be operated as a subsidiary of Vail Resorts. Vail said previously that with the transaction, it expects capital expenditures to increase by $10 million annually to support the addition of Peak Resorts' ski areas, and that it plans one-time spending of $15 million over the next two years to "elevate the guest experience" at Peak's properties.
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