Cedar Fair Receives Bid from SeaWorld Entertainment
Feb 2, 2022 By MarketDepth
Cedar Fair, L.P. (NYSE: FUN) received a non-binding proposal from SeaWorld Entertainment, Inc. yesterday.
$3.4 Buyout Bid
While the company did not disclose the terms of the unsolicited bid, Bloomberg claimed Seaworld offered $60 per unit, equating to a $3.4 billion bid total. At this time, Cedar Fair will begin a careful review process in order to fully consider the proposal and determine its next steps, alongside Perella Weinberg Partners L.P., which serves as financial advisor to Cedar Fair and Weil, Gotshal & Manges, which serves at the company’s legal counsel.
Declined Six Flags Offer
While Cedar Fair has previously rebuffed a $4 billion dollar acquisition offer from Six Flags as recently as 2019, SeaWorld Entertainment has offered $3.4 billion in cash, potentially changing the outlook of the deal. Back in its Q3 2021 earnings call, Cedar Fair President and Chief Executive Officer Richard Zimmerman mentioned that the company is “well-positioned to paydown debt in the very near term.”
No Action From Stakeholders
While the company seeks to solidify its next steps, Cedar Fair has advised that “Cedar Fair unitholders do not need to take any action at this time.”