by Joe Kleiman
February 1, 2022 — Today, Cedar Fair Entertainment Company announced that it has received an unsolicited non-binding proposal from SeaWorld Entertainment to acquire the theme park operator. Although Cedar Fair did not disclose details of the offer, Ed Hammond, citing unnamed sources in a report for Bloomberg, listed it at $60 per unit in cash, or $3.4 billion.
Cedar Fair currently owns and operates seventeen theme park and waterpark properties and eleven hotels and campgrounds throughout the United States and Canada. SeaWorld Entertainment owns and operates twelve theme parks and waterparks throughout the United States, operating under the brands SeaWorld, Busch Gardens, Sesame Place, Water Country USA, Adventure Island, Aquatica, and Discovery Cove. A new SeaWorld park is scheduled to open next year in Abu Dhabi under a licensing agreement with Miral.
This marks the second attempt made by Scott Ross, SeaWorld’s largest shareholder and current Chairman, to acquire Cedar Fair. Prior to his current investment in SeaWorld, while Ross was at asset management firm Apollo Global Management, he was part of a team that solicited a $635 million takeover bid for the Ohio-based theme park operator in 2009. Without the 2/3 shareholder approval needed, the offer was declined and Cedar Fair paid Apollo $6.5 million in reimbursement fees for expenses incurred.
Regarding the current offer, Cedar Fair issued the following statement: “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. Cedar Fair unitholders do not need to take any action at this time.”
CEDAR FAIR PARKS
California’s Great America, California
Canada’s Wonderland, Ontario
Carowinds, North/South Carolina
Cedar Point, Ohio
Dorney Park, Pennsylvania
Kings Dominion and Soak City, Virginia
Kings Island, Ohio
Knott’s Berry Farm, California
Michigan’s Adventure, Michigan
Valleyfair, Minnesota
World of Fun/Oceans of Fun, Missouri
Cedar Point Shores, Ohio
Kott’s Soak City Waterpark, California
Schlitterbahn New Braunfels, Texas
Schlitterbahn Galveston, Texas
Cedar Point Sports Center, Ohio
Sports Force Parks, Ohio
SEAWORLD ENTERTAINMENT PARKS
SeaWorld San Diego, California
SeaWorld San Antonio, Texas
SeaWorld Orlando, Florida
Busch Gardens Williamsburg, Virginia
Busch Gardens Tampa Bay, Florida
Sesame Place Philadelphia, Pennsylvania
Sesame Place San Diego, California
Water Country USA, Virginia
Adventure Island, Florida
Aquatica San Antonio, Texas
Aquatica Orlando, Florida
Discovery Cove, Florida