SANDUSKY, Ohio — Cedar Fair, the owner of Cedar Point, Kings Island and several other amusement parks across North America, has received a takeover bid by SeaWorld Entertainment worth a reported $3.4 billion.
The figure of $3.4 billion, reported by Bloomberg, equates to about $60 per unit in cash. According to Bloomberg, deliberations are ongoing, "and it’s unclear whether the approach will lead to a transaction."
In a statement, Cedar Fair confirmed that a non-binding proposal had been made by SeaWorld. "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," the company said.
Cedar Fair operates 13 properties, including 11 amusement parks. In addition to Cedar Point and Kings Island, Cedar Fair's roster of parks includes Knots Berry Farm in California, Michigan's Adventure and Canada's Wonderland.
SeaWorld Entertainment consists of 12 U.S. theme parks, including several SeaWorld, Busch Gardens, and Sesame Place locations.
According to Theme Park Insider, if the deal with Cedar Fair is approved, SeaWorld would become the fifth-largest theme park company in the world.
It would move ahead of Six Flags and trail only Disney Parks, Merlin Entertainments, Oct Parks China, and Universal Parks and Resorts.
