Apollo Ends Controlling Role at Vail Resorts
SAM Magazine--Vail, Colo., Oct. 1, 2004--Apollo Ski Partners plans to convert its Class A shares to common shares and to distribute its holdings to its limited partner investors, ending Apollo's reign as controlling partner in Vail Resorts.
Apollo held 17.8 percent of Vail's shares, but nearly 100 percent of the Class A stock that gave it the right to elect two-thirds of Vail's directors. Its actions mean Apollo will no longer control Vail Resorts.
The Vail Resorts board of directors has decided to reduce the size of the existing board in the interest of improving its effectiveness and focus. Of the 12 directors who have previously served on the Vail board, seven will remain. \