Big Bear, CA, November 3, 2014 – With the final shareholder votes tallied, the Snow Summit Ski Corporation, a long standing icon of the Big Bear Valley, will change hands perhaps later this month.The official count of 68% in favor and 11% against the sale was announced at the annual stockholders meeting. Thus the sale of Snow Summit and Bear Mountain to Mammoth Mountain was ratified.
The largest concern expressed at the November 2, 2014 stockholders meeting seemed to be access to free lift tickets and parking privileges. President and CEO Dick Kun stated that that it was a good deal for the shareholders who will receive in the neighborhood of $600.00 per share, but also draws to a close any future stockholder privileges. He further went on to explain that their aging management team along with winter resort industry consolidation was what helped lead them to the sale decision. In addition, Mr. Kun, the major stockholder, told the audience that during the negotiation process, “they never lost sight of shareholder concerns, and getting the highest possible price per share or return on investment.”
In order to complete this transaction, the Forest Service must issue a new use permit, but according to Brent Tregaskis, newly named area General Manager, “this should not be an issue as Mammoth has the highest reputation as a resort operator.” According to others on hand, they intend to complete this transaction before the start of this winter’s ski season.