Canadian resort operator Intrawest Corp. is worth more than what its stock trades at and should sell itself outright, according to its largest shareholder, Pirate Capital, in a letter sent to Intrawest’s board and filed with the U.S. Securities and Exchange Commission on Thursday.
Intrawest, which owns Copper Mountain and operates Winter Park Resort in Colorado, announced Tuesday it had hired investment bank Goldman Sachs to explore options that could include a sale, a merger or partnerships.
Intrawest’s businesses are worth at least $45 a share, wrote Stephanie Tran, an analyst at the Norwalk, Conn.-based hedge fund, in the filing.
Intrawest’s stock closed at $33.55 Thursday, up 81 cents, or 2.5 percent.
Intrawest dismissed the call from Pirate Capital, which owns about 12 percent of the company.
“Our board is fully aware of its fiduciary responsibilities and will continue to evaluate all options for creating and delivering value to all of our shareholders,” Intrawest spokesman Dan Gagnier said in a statement.
Staff writer Julie Dunn can be reached at 303-820-1592 or jdunn@denverpost.com.
