If you recall, last December, Apollo Global Management made an offer to purchase the Cedar Fair chain for $635 million in addition to taking on the company's debt. The total deal was valued at $2.4 billion with each shareholder receiving $11.50 per unit.
Since the deal was originally announced, there has been little but discontent expressed by Cedar Fair's shareholders however, and with the terms of the agreement requiring at at least 2/3 of stockholders to be in favor of the deal, things have finally fallen through.
At least 7 lawsuits were filed against Cedar Fair by stockholders for purposefully attempting to sell the company when stock values were low due to the recent recession. And many of the larger stakeholders in the company have publicly said that they will not back this sale.
Well, Cedar Fair listened and has taken their deal with Apollo off the table. With the necessary support for the deal obviously lacking, they really had no other choice. Cedar Fair is now stuck paying Apollo $6.5 million for expenses incurred during the ordeal.
So for now it looks as though the parks will not change hands. But Cedar Fair has stated that they had been looking into the possibility of selling the park prior to striking a deal with Apollo, so it stands to reason that they very well may continue to search for a buyer in the future.
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