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Late Apex Partners Issues Second Letter to Vail Resorts, Inc. (MTN)

Key Summary: On January 27, 2025, Late Apex Partners criticized Vail Resorts' performance under CEO Lynch, urging leadership changes and a strategic reset. On March 17, 2025, they reiterated the need for transformational change, calling for action or shareholder intervention.

Market Cap: $6 billion | Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and regional ski areas in the United States and internationally..

  • On January 27, 2025, Late Apex Partners (LAP) criticized Vail Resorts’ performance under CEO Lynch, citing misaligned incentives, poor capital allocation, and a mismanaged balance sheet. LAP called for replacing the CEO and CFO, resigning Chairman Katz, and cutting the dividend to reinvest in the business and buy back shares. They also recommended hiring a proven CEO and expanding the Epic partnership network, emphasizing the need for strategic focus and alignment with long-term value creation. In their presentation, they outline Vail’s operational and capital allocation failures, proposing a plan that could drive a 140% equity upside, reaching a $400 per share valuation through changes in operations, management, governance, and capital allocation Source
  • On March 17, 2025, Late Apex Partners (LAP) called for transformational change at Vail Resorts, criticizing management under CEO Lynch for poor performance. LAP proposed a "Reset and Refocus" plan and urged the board to act or face shareholder action. Source

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