Vail Resorts is buying Peak Resorts. - Page 56

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  1. #551
    I mean doesn't this dude stand to make double what the stock is worth right now?



    I called Vail last week to ask about the pass prices and upgrade options once the deal closes. I was told, by a very exhausted sounding customer service rep, that in the past the upgrade price has been the difference between the pass prices at the time of announcement. he said he's received tons of calls from Peak Pass holders trying to find out this answer.

    Why wouldn't Vail just make that statement out of the gate? Especially since the Epic Passes increase in price after the merger was announced.
    2019-2020


    Ski Visits in PA 38
    Ski Visits in VT 6
    Ski Visits in CO 4

    Total Ski Visits 48


  2. #552
    Quote Originally Posted by jimmywilson69 View Post
    I mean doesn't this dude stand to make double what the stock is worth right now?

    I called Vail last week to ask about the pass prices and upgrade options once the deal closes. I was told, by a very exhausted sounding customer service rep, that in the past the upgrade price has been the difference between the pass prices at the time of announcement. he said he's received tons of calls from Peak Pass holders trying to find out this answer.

    Why wouldn't Vail just make that statement out of the gate? Especially since the Epic Passes increase in price after the merger was announced.
    My guess is because nothing is final, until it's final. And if the deal takes a much longer time to close than expected, it could put them into a situation that creates far "worse" problems for both companies from a passholders customer service perspective, than having to answer the question over an over. Let's say that this lawsuit filed delays the deal until March or April, when next years (the '20-'21 season) are going on sale, and those who had Peak Passes for the '19-'20 season got basically a full seasons use out of their passes as they were intended on the pass purchase date (meaning a full season at Peak properties), you'd probably have a slew of folks expecting that the cost of their '19-'20 Peak pass product would be credited towards a '20-'21 Epic product, and that would cause issues.

    As someone who has their '19-'20 Peak Pass in hand already, and is going to Utah around New Years (got the IKON pass for that) and also has the opportunity to ski current Epic resorts in Vermont in particular this coming season, I am 100% interested in what the specific details of "trading in" my Peak Pass for an Epic Pass will be. I also fully get that from the business side of things, even though the Vail Resorts folks likely have all of the specifics worked out for the likely timeline for the closing of the deal, that they can't be 100% sure of it, and changes to their plan for handling the Peak to Epic conversions may need to happen, which could create even more chaos than there will already be
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  3. #553
    They updated the FAQ, sounds like peak pass holders will be able to purchase epic at the 7/22 rate and get a refund on their original purchase. Effectively a $70 charge to swap an explorer for epic local. A good deal for everyone except those with 6 year old kids, works out to around $450 for myself, wife and older daughter to ski sunapee. Not sure about direct to lift access for our three year old, dont see anything of the epic website.

    The whole thing sounds like a logistical nightmare especially if they close in november, no way to get epic pass ahead of time, lines to swap will be out the door.

    If I bought a Peak Resorts pass product, am I entitled to a refund?
    After closing of the transaction, Vail Resorts will be allowing pass holders who purchased a Peak Resorts pass product to exchange their pass for an Epic Pass, should they want to. Depending on the price difference between the two products, you will either be charged the balance or refunded the difference. Please note, exchanges for products purchased prior to the 7/22/2019 acquisition announcement will be eligible to receive pricing and benefits on their new pass in line with those available on the acquisition announcement date for a limited time. For those who purchased a Peak Pass Product after 7/22/2019, guests will be eligible to upgrade or exchange to an Epic Season Pass product at the current price and benefit offering available for that product.

    Details about exchange information will be announced following the close of the acquisition.

    If I purchased Peak Resorts season pass product already can I exchange for a pass that has access to other resorts?
    Yes, after the closing of the transaction, you will be able to exchange for the Epic Pass. Please note, exchanges for products purchased prior to the 7/22/2019 acquisition announcement will be eligible to receive pricing and benefits on their new pass in line with those available on the acquisition announcement date for a limited time. For those who purchased a Peak Pass Product after 7/22/2019, guests will be eligible to upgrade or exchange to an Epic Season Pass product at the current price and benefit offering available for that product.

    More details on the process for exchange of Peak Resorts season pass products to be announced after the close of the acquisition.
    The true happiness of a man can be found in the mastery of his passions.

  4. #554
    Thanks for the info!

    I wish they would've just put that in the FAQ from the beginning...

    I will definitely be upgrading my wife and I to Epic Locals. I want this sale to close and I want winter to start STAT so I can figure out where I am going to take my college son over winter break.
    2019-2020


    Ski Visits in PA 38
    Ski Visits in VT 6
    Ski Visits in CO 4

    Total Ski Visits 48


  5. #555
    Looks like some sort of hiccup has happened in the buyout. Some board member is grumpy and suing? Standard America sue happy. Hopefully this doesn’t hang up the buyout process to long.

  6. #556
    Quote Originally Posted by FBGM View Post
    Looks like some sort of hiccup has happened in the buyout. Some board member is grumpy and suing? Standard America sue happy. Hopefully this doesn’t hang up the buyout process to long.
    Is there a new lawsuit? Otherwise the one filed last week was by a regular investor and not a board member from everything I read.

  7. #557
    Quote Originally Posted by cdskier View Post
    Is there a new lawsuit? Otherwise the one filed last week was by a regular investor and not a board member from everything I read.
    Oh - that’s the one.

    Pay him off. Let’s get this show on the road. No one has time for lawsuits.

  8. #558
    Quote Originally Posted by mbedle View Post
    I agree, most likely reporter error.

    Edit - I read the complaint and the number comes from a statement in the complaint that "The Proposed Transaction has an enterprise value of approximately $463.60 million."
    I actually just read the complaint too and came back here to state that's where it came from but see you edited your post after I last read and commented on it.

    One of the plaintiff's main arguments seems to be that the board and/or executives are potentially making a lot of money on this transaction due to severance and restricted stock they had and that fact wasn't disclosed to shareholders. And therefore the deal is more beneficial to them than to actual shareholders and that's the real reason they are recommending that shareholders approve it. Call me crazy, but don't executives and board members almost always do better than common shareholders in a merger/buyout? No board in their right mind is going to approve a deal that pays peanuts to the board and execs and gives common shareholders a huge payoff. Even if that information should have been disclosed, I still don't see that making much difference to how most shareholders will vote. If I'm a shareholder that is receiving over twice the price the stock has been trading at for quite some time, chances are pretty good that to me that's going to sound like a good deal. I don't see anyone else knocking at Peaks' door to offer more than Vail did.

    Overall still seems like a giant waste of the court's time as ultimately I suspect the deal still goes through even if slightly delayed.

  9. #559
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    The board (in general) doesn't stand to make any money on it as they are only paid a retainer to begin with. However if they are Inside Directors (Officers, major shareholder reps) then they could... Without going into SEC filings it's hard to see who on the board is a major stakeholder or not.

  10. #560
    The suit will likely settle for additional disclosure and attorney's fees. Attorneys get a bad rap, but in cases like this it is more than deserved.

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