Great Wolf Resorts (GWR), the Wisconsin-based operator of 11 waterparks in the US and Canada, has confirmed that it has received a committed offer from KSL Capital Partners.

The group said the approach from the private equity firm, which has invested in a number of leisure operations, represented a "superior proposal" to that of Apollo Global Management.

KSL Capital Partners has offered US$7 (£4.40, EUR5.40) a share to acquire GWR, which has now given Apollo three business days improve on its bid to purchase the business.

The offer from Apollo, which was revealed last month, initially valued the GWR business at US$703m (£444m, EUR539m) before it was reportedly increased amid KSL's interest.

A GWR statement said the group was prepared to terminate its agreement with Apollo if the it failed to produce a deal "no less favourable to stockholders than the KSL Offer".

However, the company added that it had not yet "proposed that the KSL Offer be approved, adopted, endorsed, recommended or otherwise declared advisable".

Among the locations in which GWR has resorts are Kansas City; Sandusky, Ohio; Traverse City, Michigan; and Niagara Falls in Ontario, Canada.

Details: www.greatwolfresorts.com