In a not so shocking turn, Cedar Fair has rejected SeaWorld’s bid to buy them out. Previously we reported that SeaWorld, based in Orlando, offered to buy Cedar Fair for $3.4 billion. That has been rejected just like the $4 billion dollar proposal that Six Flags offered back in 2019.
The deal would have included the 17 properties that Cedar Fair operates in the United States and Canada including Cedar Point where the company is based in Sandusky, Ohio.
Cedar Fair’s President and CEO, Richard Zimmerman said:
“Our board, together with its external advisors, carefully evaluated the proposal and determined it was not in the best interest of the company and its unit holders…..The board and management have a high degree of confidence in our long-range strategic plan.”
SeaWorld offered this statement:
“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.”
It is important to note that Cedar fair made $1.34 billion in revenue for 2021, which was down from $1.45 billion in 2019. The pandemic could partially be the cause of that decline, but that isn’t clear.
As of right now Cedar Fair is sticking to their own plans and rejecting yet another offer on the table.
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Source: Orlando Sentinel
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