Peak Resorts Inc. (NASDAQ: SKIS), the Wildwood, Mo., owner of four Ohio ski areas in a portfolio of 17, has entered into a definitive merger agreement to be bought by Vail Resorts Inc. (NYSE: MTN) of Bloomfield, Colo., for $11 a share, or an estimated $264 million total price.

Boards of both companies have agreed to the deal announced on Monday, July 22. The deal is subject to regulatory review and approval by Peak shareholders.

Peak's 17 properties include Mad River Mountain in Zanesfeld as well as Chesterland's Alpine Valley and Peninsula's Boston Mills and Brandywine. The combination will give Vail its first ski areas in Ohio, as well as other parts of the Midwest and Northeast, and double its holdings.

Peak shares climbed to $10.85 soon after the market opened on Monday. It had closed Friday, July 19, at $5.10 a share, typical for its trading range since 2014.

Rob Katz, chairman and CEO of Vail Resorts, said in the release, "Peak Resorts' ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit."

Timothy Boyd, president and CEO of Peak Resorts, said in the release, "We are very proud of our track record over the last two decades in building the breadth, quality and accessibility of our resorts. We are thrilled that our guests will now have access to some of the world's most renowned resorts."

Boyd also noted Vail plans to continue Peak's planned capital improvements to the ski areas. The release said Vail will invest a total of $15 million in the properties as part of the deal.

Vail's stock price opened Monday at $227.19 a share and in mixed trading had climbed 1%, to $233.06, by 11:51 a.m. Its stock has generally gained since 2014 while Peak shares treaded water.

Both CEOs said their patrons will benefit from buying passes that will allow them to go to each other's ski areas if the deal closes as planned this fall.