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THEME PARK BLOCKBUSTER: CEDAR FAIR AND SIX FLAGS INK DEAL TO MERGE
Nov. 02, 2023 6:39 AM ETCedar Fair, L.P. Limited Partnership Units (FUN) Stock,
SIX Stock, PRKS StockDISBy: Clark Schultz, SA News Editor52 Comments
billyhoiler/iStock via Getty Images
Cedar Fair (NYSE:FUN) and Six Flags Entertainment Corporation (NYSE:SIX)
announced on Thursday that they have entered into a deal to merge. The combined
theme park company will pro forma enterprise value of approximately $8B based on
both companies’ debt and equity values as of October 31.
Under the terms of the merger agreement, Cedar Fair unitholders will receive one
share of common stock in the new combined company for each unit owned, and Six
Flags shareholders will receive 0.5800 shares of common stock in the new
combined company for each share owned. Following the close of the transaction,
Cedar Fair unitholders will own approximately 51.2%, and Six Flags shareholders
will own approximately 48.8%, of the combined company’s fully diluted share
capital on a pro forma basis.
The merger of equals is expected to lead to an enhanced overall financial
profile with strong cash flow generation to accelerate investments in parks,
driving increased levels of demand and in-park value and spending.
Following closing of the transaction, the newly formed board of directors of the
combined company will consist of 12 directors, six from the Cedar Fair (FUN)
board and six from the Six Flags Entertainment (SIX) board.
Looking ahead, the SIX-FUN combination is expected to create a leading amusement
park operator in the highly competitive leisure space with an expanded and
diversified footprint, a more robust operating model and a strong revenue and
cash flow generation profile.
Upon closing of the transaction, the combined company will operate under the
name Six Flags and trade under the ticker symbol FUN on the NYSE and will be
structured as a C Corporation. The combined company will be headquartered in
Charlotte, North Carolina, and will maintain significant finance and
administrative operations in Sandusky, Ohio. The merger is expected to close in
the first half of 2024, following receipt of Six Flags shareholder approval,
regulatory approvals, and satisfaction of customary closing conditions.
Six Flags (SIX) rose 2.29% in premarket trading after gaining 5.33% on
Wednesday. Cedar Fair (FUN) gained 3.27% after jumping 5.66% on Wednesday. The
mega-merger in the theme park sector is also of interest to Disney (DIS) and
SeaWorld Entertainment (NYSE:SEAS).
MORE ON THEME PARK STOCKS
* Six Flags Entertainment: Get Ready For Things To Get Worse Before It Gets
Better
* SeaWorld Entertainment: Gauging The Impact Of Inclement Weather, Remains A
Buy Long Term
* SeaWorld Entertainment: Watch Attendance And Debt As New Normal Sets In
* Six Flags GAAP EPS of $1.32 misses by $0.13, revenue of $547M beats by $7.94M
* Cedar Fair, Six Flags gain amid reports of potential merger
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RELATED STOCKS
SymbolLast Price% Chg
FUN
FUN
42.23-1.52%Post:42.23
SIX
SIX
25.24-2.59%Post:25.24
PRKS
PRKS
53.060.26%Post:53.06
* 1D
* 5D
* 1M
* 6M
* 1Y
* 5Y
* 10Y
*
Created with Highcharts 11.2.0Mar 18Mar 19-5%0%5%10%
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