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  1. #1

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    Cedar Fair to be Sold???

    Reports are coming out that Cedar Fair is reportedly being sold for $700 million to Apollo Management.

    This includes 11 Theme Parks including Knott's, Cedar Point, Dorney Park and King's Island.

    Still trying to figure out of this is a good or bad thing. I wouldn't be surprised to see individual parks sold off to be honest.

    It's Official!!!

    Press Releases :: Cedar Fair Entertainment Company

    CEDAR FAIR AGREES TO BE ACQUIRED BY AFFILIATE OF APOLLO GLOBAL MANAGEMENT


    · CEDAR FAIR UNITHOLDERS TO RECEIVE $11.50 PER UNIT

    SANDUSKY, OHIO, December 16, 2009 -- Cedar Fair, L.P. (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, announced today that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Global Management, a leading global alternative asset manager.
    Under the terms of the agreement, Cedar Fair unitholders will receive $11.50 in cash for each Cedar Fair limited partnership unit that they hold, representing a 43% premium over Cedar Fair’s volume weighted average closing unit price over the past 30 days and a 28% premium over the closing unit price on December 15, 2009. The transaction is valued at approximately $2.4 billion, including the refinancing of the Company’s outstanding indebtedness. Affiliates of J.P. Morgan, B of A Merrill Lynch, Barclays Capital Inc., UBS Investment Bank and KeyBanc Capital Markets have provided an aggregate $1.95 billion financing commitment in support of the transaction.
    The board of directors of Cedar Fair has unanimously approved the merger agreement and has resolved to recommend that Cedar Fair limited partnership unitholders adopt the agreement.
    Cedar Fair’s chairman, president and chief executive officer, Dick Kinzel, said, “We have considered a wide range of strategic alternatives over the past several years. After considering these strategic alternatives, we have concluded that the transaction with Apollo is in the best interest of our unitholders.”
    Cedar Fair sale in works

    The Wall Street Journal is reporting that Apollo Management LP is expected to acquire Cedar Fair for about $700 million.
    The deal would also include the assumption of $1.6 billion of debt, said people familiar with the matter.
    Based in Sandusky, Cedar Fair owns 11 theme parks in the United States and Canada, including Cedar Point and Kings Island.
    More at the link ...
    Last edited by sir clinksalot; 12-17-2009 at 02:17 PM.

  2. #2

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    Re: Cedar Fair to be Sold???

    That's a STEAL for 1.6 billion in debt and 700 million cash... but that definitely worries me for Great America's future. I'm betting they'll just outright sell the park to the 49ers if this deal goes through.

  3. #3

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    Re: Cedar Fair to be Sold???

    I know it's been years since the Knott family has been involved in the ownership of the Buena Park property, but I would wonder if there's anyone left in the extended family even that could put together a group of investors if the CF's parks are sold off, piece by piece.

    I am assuming that Knott's is profitable enough that whoever takes over will be continuing theme park operations there.
    Last edited by Radiobarry; 12-25-2009 at 12:00 AM.
    God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

  4. #4

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    Re: Cedar Fair to be Sold???

    I am going to say a good thing because I really do not think Cedar Fair REALLY did anything good for the park (whether or not this is because the park can do well in this economy or not). The reason I find this a good thing is because of Cedar Fair trying to change what knotts has spent years to become. There have been alot of recent disscusions from Cedar Fair saying they were tearing the park apart and trying to make everything like a "typical" theme park with NO themeing and straight roller coasters. Also the big rumors of Cedar fair claiming to be tearing out The Mystery lodge, bigfoot rapids (for room for another roller coaster), and the bird cage theater, not to mention some other buildings in ghost town that were also brought down FROM the actual Calico ghost town. No whether or not this is true, at least there isnt the possibility of this happening from Cedar Fair anyways. Not to mention all the problems, rumors and bashing on Cedar Fair with all the halloween haunt issues (that a completely other tangent conversation). So hopefully there will be some good done to knotts, because they need it. I also agree completely with Radiobarry in some one the Knotts family should bring it back up.

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