Bidding continues for Great Wolf Resorts

The bidding war isn’t over for Great Wolf Resorts and its 11 indoor water parks.

The Madison company said on Thursday KSL Capital Partners has increased its offer to $7.25 cash per share. The offer comes a day after an affiliate of Apollo Global Management, K-9 Acquisition, raised its bid from $6.75 to $7 a share.Apollo and KSL have been submitting escalating bids since Great Wolf went on the market.

A shareholder lawsuit was filed in U.S. District Court in Madison last month to prevent Great Wolf from being sold to Apollo for its initial offer of $5 a share, plus assumption of debt. The plaintiffs said the $5 a share offer was “woefully inadequate.”