Images: Wikimedia Commons

Edward Hayden, a stockholder in Intrawest Resort Holdings Inc., has filed a lawsuit in the U.S. District Court of Denver challenging the legality of the acquisition of Intrawest by Aspen Skiing Co. and KSL Capital Partners.

At the hart of the lawsuit is the price paid for each stock. Immediately prior to the merger, Intrawest’s stock was trading at $25.50 per share yet the deal was for only $23.75 per share.

“That means instead of stockholders receiving a premium for their shares, as is customary in merger situations, Intrawest stockholders would actually be offering their shares at a discount,” the lawsuit said.

Hayden claims that Intrawest’s top executives and board of directors “failed to conduct a sufficient and robust review of strategic alternatives.”

Hayden is asking a judge to declare it a class-action lawsuit so that other stockholders can join at a later time.

The deal represents a total valuation of $1.5 billion and would include the ski resorts of Steamboat and Winter Park.

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