SeaWorld Entertainment has reportedly offered to purchase amusement park operator Cedar Fair for $3.4bn, with the company confirming that it has received an “unsolicited non-binding proposal” from SeaWorld.
Cedar Fair is reviewing and considering the takeover offer from SeaWorld. Bloomberg first reported SeaWorld Entertainment’s $3.4 billion takeover bid for Cedar Fair on Tuesday (February 1).
“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,” the company said in a press release.
“Cedar Fair unit-holders do not need to take any action at this time,” the news release said. “Perella Weinberg Partners L.P. is serving as financial advisor to Cedar Fair and Weil, Gotshal & Manges is serving as legal counsel.”
“Unsolicited non-binding proposal” from SeaWorld
Cedar Fair is one of the largest regional amusement park operators in the world. It owns and operates 13 properties, including 11 amusement parks, four outdoor water parks, and resort accommodations with more than 2,300 rooms.
Cedar Fair’s attractions can be found in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
Back in 2019, Cedar Fair rejected Six Flags Entertainment Corp’s $4 billion cash-and-stock offer to merge the companies. The move would have joined two of the largest theme park operators in the US.
Meanwhile, SeaWorld is launching 11 rides and attractions across 10 parks this year, which is the largest number of new offerings to be introduced in a single year in the company’s history.
Images: Cedar Fair
