Receives Court Approval
Vancouver - Intrawest Corporation ("Intrawest") announced that the Supreme Court of British Columbia has approved the statutory plan of arrangement (the "Arrangement") involving Intrawest, its shareholders and optionholders and two companies owned directly or indirectly by funds managed by affiliates of Fortress Investment Group LLC.
The Arrangement was approved by Intrawest shareholders and optionholders at a special meeting held on October 17, 2006 where more than 99.9 per cent of Intrawest securityholders voting approved the Arrangement.
On October 23, 2006 the transaction was approved by the Minister of Industry under the Investment Canada Act. The Arrangement is expected to be completed on October 25, 2006, following which the common shares of Intrawest will be delisted from the New York Stock Exchange and Toronto Stock Exchange.
Under the terms of the Arrangement, Intrawest's shareholders will receive US$35.00 in cash for each Intrawest common share.
About Intrawest
Intrawest Corporation (IDR: NYSE; ITW: TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic
Games. Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia.
Mountain Creek Resort, part of Intrawest Corporation