WEST MIFFLIN, PA
Kennywood may be coming under new ownership, according to a report from the Pittsburgh Post-Gazette.
The Post-Gazette reports a takeover bid worth over $700 million is in the works for the theme park’s current operator, the Madrid-based Parques Reunidos.
The investment vehicle Piolin Bidco reportedly launched a takeover bid Friday valued at $15.59 per share, plus a premium of 29 percent.
The investment vehicle is comprised of three firms: EQT, Miles Capital and Alba Europe. Miles Capital already owns about 44 percent of Parques Reunidos shares, reports the Post-Gazette.
Piolin Bidco made its offer for the remainder of the shares, which would effectively make it Kennywood’s new owner.