Cedar Fair ends buyout deal
Written by Bob Boyer
Cedar Fair and Apollo formally pulled their buyout deal today. Apollo gets $6.5MM for their trouble and FUN is right back where it was before. Credit markets are much better now, so they have quite a bit more flexibility. Management added a "rights offering" meant to protect the little guy shareholder (or unitholder in this case). But it's really just management and the Board trying to protect their jobs.Tweet
And the largest stockholder in FUN said they have had talks with the guys buying Six Flags about a merger, but nothing imminent there either. The saga continues...
Update from Robert: Here's a write-up from the Plain Dealer, with some numbers for your crunching pleasure.
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