The parties filing suit claim that the value and profits desired by unitholders are inequitably minimized due to the limited partnership unit offer of $11.50. They feel that appolo is yousing the economic downturn as an excuse to ignore the solid overal economic performance of the parks. A clause in the contract signed between Cesar Fair management and Appolo allows the theme park company time to shop for a better offer until January 26th of this year.
Wow. In a way, this sounds like a hostile takeover where the unitholders are concerned. Two thirds of theunit holders have to approve the deal. As things stand, it appears that Cedar Fair's Board of Directors and the majority of the unitholders fear that they will not be able to find a better offer. But, they belive Cedar Fair amusement parks are excellent.