NewsPlusNotes: SeaWorld Entertainment's Offer to Purchase Cedar Fair is Dead

Wednesday, February 16, 2022

SeaWorld Entertainment's Offer to Purchase Cedar Fair is Dead

© Cedar Fair

SeaWorld Parks and Entertainment has confirmed via their investor relations website that their offer to purchase Cedar Fair has not been accepted and the deal is now dead. The statement released is short and to the point:

"In response to inquiries from various stakeholders, we confirm that our offer to acquire Cedar Fair was rejected. Unfortunately, we do not see a path to a transaction."

© SeaWorld Parks & Entertainment

Occasionally statements like these can be a part of a plan to make a better offer, or get some additional attention of stock/unit holders, however in this case I do trust that things are not going to be moving forward.

Many aren't surprised that the deal is not going through, especially because Cedar Fair requires a unit holder approval of at least two thirds on items such as this proposed sale - not easy to achieve. The original deal was reported to have been for $60 a unit, and in Cedar Fair's earnings release conference call today they confirmed that SeaWorld eventually did up it to $63 a unit. Still, that wasn't enough to move the needle it appears. We will take a larger look at those earnings in a Heard On... post soon.

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