Cedar Fair Stays Public
Shareholders have scrapped a plan to privatize Cedar Fair, one of the nation’s largest operators of amusement parks. The company had been expected to be taken over by asset manager Apollo Global Management in a deal worth $635 million.
“It is apparent that the merger transaction does not have the required level of investor support,” Cedar Fair CEO Dick Kinzel said in a statement. “We are honored and excited by the opportunity to continue to manage and operate Cedar Fair as a public company.”
Cedar Fair had accepted Apollo’s offer in December, following a tough year of declining attendance. Apollo also agreed to assume $1.7 billion in debt. The company will be evaluating next steps to address its capital situation, according to Kinzel.
Among Cedar Fair’s properties are Canada’s Wonderland near Toronto, Vallyfair in Minnesota, Worlds of Fun in Missouri and Michigan’s Adventure.