Vail Resorts is working with takeover-defense bankers to help it assess its vulnerabilities to everything from labor groups to an outspoken billionaire to Mother Nature itself, according to people familiar with the matter.

No activist investors have made a play for the company, shares of which are down 14% over the last year. But there are signs it is preparing for such an event: In May 2025, Vail brought back Rob Katz as CEO, ousting his hand-picked successor. Katz since then has taken a number of steps to improve customer complaints — especially around line length and labor shortages.

Katz has also been contending with Park City local (and Cloudflare billionaire) Matthew Prince, who has been pushing Vail to sell him Park City Mountain Resort since last spring. In June, Prince told a local Colorado paper that he was willing to invest $500 million in the resort, and said he has gotten calls from activist investors about Vail Resorts. He believes that Vail should pursue an asset-light model, serving as a partnership facilitator rather than an owner of mountains.

“I’m not necessarily a fan of the asset light model, at least not for our company and in terms of where we’re trying to go,” Katz told Semafor in May. Some of Vail’s conversations with their advisors have focused on Prince’s interest in the company, according to a person briefed on those conversations.

A representative for Vail didn’t return requests for comment.