A research report released Thursday by Lehman Brothers analyst Andrew Lazar said Ralcorp Holdings Inc. may be preparing to sell its stake in Vail Resorts Inc.
Ralcorp is Vail Resorts’ largest shareholder, with 7.55 million shares of common stock, or 20.6 percent of the shares outstanding as of Sept. 26.
Vail Resorts chief executive Adam Aron declined to comment on the report. St. Louis- based Ralcorp did not return calls for comment.
On Wednesday, Ralcorp and its wholly owned subsidiary, RH Financial Corp., filed with the U.S. Securities and Exchange Commission a complex financial agreement to possibly sell 1.78 million shares of Vail Resorts stock to investors through Charlotte, N.C.-based Bank of America.
“We view this as a first step toward monetizing Ralcorp’s stake in Vail,” the report said. “We believe that there may be more similar announcements to come once this transaction occurs.”
Lazar estimated that Ralcorp could net roughly $40 million of after-tax proceeds if it sells the 1.78 million shares.
Vail Resorts stock closed at $34.42 Thursday, up 23 cents.
Staff writer Julie Dunn can be reached at 303-820-1592 or jdunn@denverpost.com.
