Apollo Global Management appears to have won the race to purchase US-based waterpark group Great Wolf Resorts after increasing its bid to US$7.85 (£4.80, EUR5.92) per share.

The improved price agreed by Apollo represents a 171 per cent premium on the six-month average share price of Great Wolf Resorts prior to its original bid made earlier this year.

KSL Capital Partners had entered the race to acquire the business, which operates a total of 11 waterparks across the US and Canada, with what had been called a "superior" offer.

However, Great Wolf Resorts said at the time that Apollo had been given an opportunity to submit a new bid in light of KSL's US$7 (£4.31, EUR5.28) a share proposal.

Great Wolf Resorts has now revealed that KSL does not intend to submit any further bids for the company, which leaves the path clear for Apollo to complete the purchase.

A Great Wolf Resorts spokesperson said: "The Apollo offer was unanimously approved by the Great Wolf board of directors.

"The board recommends that Great Wolf shareholders tender their shares into Apollo's revised tender offer which is scheduled to expire at 9am, New York City time on 4 May."

Details: www.greatwolfresorts.com