Private equity investor Apollo Global Management (AGM) is set to acquire US waterpark operator Great Wolf Resorts.

The deal will see AGM pay US$5 for each Great Wolf share as well as take on the attraction operator's outstanding debt - making the deal worth around US703m (539m euro, 448m).

The sale was unanimously approved by Great Wolf Resort's board of directors, which recommended that stockholders tender their shares in the offer.

Kim Schaefer, chief executive officer of Great Wolf, said: "After a thorough assessment, we concluded that the proposal put forth by Apollo is the best way to maximize value for shareholders, who will receive a substantial and immediate cash premium for their shares."

Shortly after the deal was announced, however, Boston-based law firm Black & Leviton announced that it has commenced an investigation into possible breaches of fiduciary duties by the board of directors of Great Wolf Resorts.

Acting on behalf of "investors nationwide", the law firm will investigate whether the board "failed to maximize shareholder value" in the proposed transaction.

If successful, the deal will see AGM take ownership of Great Wolf's 11 waterparks of which 10 are in the US and one in Canada.

To read the full press release, click here.