SeaWorld Entertainment has confirmed that Cedar Fair has rejected its “unsolicited non-binding proposal” to purchase the theme park operator for $3.4bn. The company said it does not “see a path to a transaction”.
“In response to inquiries from various stakeholders, we confirm that our offer to acquire Cedar Fair was rejected,” SeaWorld shared in a statement. “Unfortunately, we do not see a path to a transaction.”
After receiving SeaWorld’s takeover bid, Cedar Fair said it was reviewing and considering the proposal. Bloomberg first reported SeaWorld Entertainment’s $3.4bn offer.
“Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the Cedar Fair board of directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interest of the company and its unit-holders,” Cedar Fair said earlier this month.
$3.4bn takeover bid for Cedar Fair
Cedar Fair is one of the world’s largest regional amusement park operators. It owns and operates 13 properties, including 11 amusement parks, four outdoor water parks, and resort accommodations with more than 2,300 rooms.
SeaWorld Parks & Entertainment is a leading theme park and entertainment company, with brands such as SeaWorld and Busch Gardens. It is launching 11 new rides and attractions across 10 parks this year.
SeaWorld and Sesame Workshop have also announced that the Sesame Place San Diego theme park will open on March 26, 2022. The family-friendly attraction will be the only Sesame Place location on the West Coast.
Images: SeaWorld Parks
