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SeaWorld Entertainment has made a bid of US$3.4bn for Cedar Fair, with the bid sending company stocks soaring ahead of the proposed takeover
Tom Anstey | Planet Attractions | 02 Feb 2022
Cedar Point is one of 16 attractions that could soon be acquired by SeaWorld Entertainment Credit: JB on Canva
It was a rollercoaster ride for Cedar Fair today following reports that SeaWorld Entertainment has launched a US$3.4bn (€3bn, £2.5bn) takeover bid for the company.
Business news source Bloomberg reported that SeaWorld made a bid of about US$60 (€53, £44) per unit in cash for the Ohio-based Cedar Fair, which operates 16 attractions across the US, including Cedar Point, Canada’s Wonderland and the iconic Knott’s Berry Farm.
While SeaWorld is yet to respond to the news, Cedar Fair confirmed in a statement, that it had “received an unsolicited non-binding proposal from SeaWorld Entertainment”.
“Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the Cedar Fair Board of Directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interest of the Company and its unitholders,” said the statement. “Cedar Fair unitholders do not need to take any action at this time.”
The news has had a significant impact on Cedar Fair’s stock market value, with FUN up 13.8% to US$56.25 (€49.73, £41.48) per share, valuing the company at about US$3.1bn (€2.74bn, £2.29bn). SeaWorld is also up 2.58%, with the company’s share price valued at US$61.12 (€54, £45) for a market value of about US$4.8bn (€4.24bn £3.54bn).
SeaWorld has undergone a significant transformation in recent years, suffering a significant blow following the 2013 release of Blackfish and leading the operator to make significant changes across the business, including an enhanced focus on the development of world-class attractions and an end to the captivity of cetaceans following the current generation.
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