Two Finalists Vie for Vail Resorts

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Vail, Colo., July 30, 2004--Two large buyout firms are finalists in the possible sale of Vail Resorts, according to a report in the Denver Post. Sources have told the paper that Texas Pacific Group and Henry Kravis, a principal in New York investment firm Kohlberg Kravis Roberts (KKR), both submitted proposals this week.

Sources said that VR's board might choose a finalist or decide not to pursue a sale within the next week or so. Reports estimate the company's value between $800 million and $1.4 billion. VR and its suitors have declined to comment, leaving it unclear whether the potential buyers would keep the company intact or sell the lift operations, real estate, and hospitality divisions individually. \