Cedar Fair ends deal with Apollo

[Snoo]

The $635m takeover of Ohio theme park company Cedar Fair by US private equity firm Apollo Global Management has been terminated as a result of insufficient investor support. Cedar Fair is to pay the firm $6.5m for expenses incurred while the deal was under discussion.


http://www.altassets.com/private-equity ... 18301.html


Finally a case where the people win when they don't like something. Epic.

 

[ECG]

Cedar Fair now having to pay out over $6.5 million on top of the debts this was supposed to eliminate doesn't sound like much of a good thing to me. Add to that the costs of the three new rides & I wouldn't be surprised if I-305 & Timmy would be the only new coasters we see at a Cedar Fair park for quite some time.

 

[Snoo]

Well, I'm sure the debts don't have to be in one lump sum, and CF will most likely go on doing what they were doing before.. building rides. Hell, they built $50 million in coasters before the Apollo deal.

The $6.5 mil will do something I'm sure though.

 

[Waffleman]

$6.5mil isn't really that much though, is it? I admit it's not a good thing, but Ii'm pretty sure it's not that much of a burden. Besides, I think it's much better this way than Apollo buying them then selling all of the parks off individually.

 

[justinmyersm]

Just praise the Lord above that it fell through. I told my whole family to vote against the Apollo. They would have ruined CF. The Sandusky Register reported that they wanted to merge Six Flags and Cedar Fair together... WTF?