MADISON, WI-Raising the bar a second time seems to have done thetrick for a bid by New York City-based Apollo GlobalManagement to acquire Great Wolf ResortsInc., based here. Apollo had offered $5 per share for thecompany, a total of about $700 million with debt included, but abidding war pushed Apollo to now offer $7.85 per share, forcing outopposing bidder KSL Capital Partners.

The Denver-based KSL, a competing resort company, said lateFriday that it will not submit a higher bid than Apollo’s offer.The Great Wolf board of directors has unanimously approved thetakeover, and has recommended that shareholders do the same.

Though Great Wolf has traded at less than $4 per share since2008, shareholders were aghast at the $5 offer, saying it was toolow for a company that has built up a chain of more than 10 indoorwater park resorts. Though there have been regional companies thatcopied the idea, Great Wolf has been the standard for the nichethat started about 10 years ago, mostly in northern cities.