Cedar Fair Rejects SeaWorld’s Acquisition Proposal

Cedar Fair LP tumbled after the theme-park operator rejected an offer to merge with SeaWorld Entertainment Inc.

SeaWorld said late Tuesday that its proposal to acquire Cedar Fair was rejected and the company doesn’t see a path forward for a deal. Cedar Fair Chief Executive Officer Richard Zimmerman said during the company’s fourth-quarter earnings call Wednesday that SeaWorld had increased its offer to $63 per unit after making its first proposal of $60.

Zimmerman said Cedar Fair’s board and external advisors, Perella Weinberg Partners LP and Weil Gotshal & Manges LLP, declined the offer stating, “it was not in the best interest of the company and its shareholders.” He added that the company remained “open-minded” and would “continue to consider any opportunities.”

Read the source article at Yahoo Finance