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Cedar Fair Agrees to be Acquired by Affiliate of Apollo Global Management
SANDUSKY, OHIO, December 16, 2009 -- Cedar Fair, L.P. (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, announced today that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Global Management, a leading global alternative asset manager.
Under the terms of the agreement, Cedar Fair unitholders will receive $11.50 in cash for each Cedar Fair limited partnership unit that they hold, representing a 43% premium over Cedar Fair’s volume weighted average closing unit price over the past 30 days and a 28% premium over the closing unit price on December 15, 2009. The transaction is valued at approximately $2.4 billion, including the refinancing of the Company’s outstanding indebtedness. Affiliates of J.P. Morgan, B of A Merrill Lynch, Barclays Capital Inc., UBS Investment Bank and KeyBanc Capital Markets have provided an aggregate $1.95 billion financing commitment in support of the transaction.
The board of directors of Cedar Fair has unanimously approved the merger agreement and has resolved to recommend that Cedar Fair limited partnership unitholders adopt the agreement.
Cedar Fair’s chairman, president and chief executive officer, Dick Kinzel, said, “We have considered a wide range of strategic alternatives over the past several years. After considering these strategic alternatives, we have concluded that the transaction with Apollo is in the best interest of our unitholders.”
“This transaction allows Cedar Fair unitholders to realize significant value from their investment in our Company over recent trading levels,” added lead director, Michael Kwiatkowski. “Apollo has a strong track record of growing businesses, and its desire to add Cedar Fair to its portfolio serves as a testament to our solid business model and the talent of our people.”
Aaron Stone, a Senior Partner at Apollo, said, “We are extremely pleased to be acquiring this premier amusement park operator. We look forward to partnering with Cedar Fair’s management team and employees to build on the many strengths of the Company. We are firmly committed to Cedar Fair’s continued growth as an industry leading amusement park operator.”
For the complete press release from Cedar Fair and to discuss this developing story, please see the discussion topic in the forums.
Posted on December 16th, 2009 by PKIDelirium - Comments
Halloween Haunt 2009 Now Unleashed at Kings Island!
Returning for its 10th year, Halloween Haunt (formerly known as FearFest) will transform Kings Island from a family-friendly amusement park into a horrible living nightmare this fall. Featuring several haunted mazes, trails, shows, and over 500 ghouls, monsters, vampires, and zombies, 2009's Halloween Haunt promises to be bigger and more frightening than ever before. The event will start Friday, September 25, and run on Fridays and Saturdays until October 31. Two additional Sundays and two additional Thursdays will also be included for the ultimate scare.
New for this year is Slaughter House, a horrifying maze located inside Action Zone that'll take you through a gruesome butcher shop, and Cut Throat Cove, a new trail outside Outer Hank's that'll feature an interesting twist at the end. Hot Blooded, a rock and roll extravaganza inside the International Showplace, and One Eyed Jack's Grub and Grog, a food-location offering smoked turkey legs, chicken fingers, fried shrimp, and more, are also new for 2009.
Beyond all these great and exciting haunted attractions, Kings Island will also operate many of its world-class thrill rides during Halloween Haunt, including Drop Tower, The Beast, and the all-new Diamondback. Halloween Haunt is open from 7pm-1am on all Friday and Saturday nights until October 31, and is open 7pm-12am on October 8, 11, 15, and 18. Tickets can be purchased online here.
Halloween Haunt is meant for mature audiences only, but that doesn't mean younger kids won't have anything to do this fall at Kings Island! Howl-O-Fest, a one-of-a-kind kids' Halloween party, will return this year to the park's picnic grove. This event includes games, crafts, a special maze for children, and new this year, a petting zoo.
Following these two great events and the long off-season between the 2009 and 2010 seasons, Kings Island will debut Planet Snoopy, a newly-themed kids area that will replace both Nickelodeon Universe and Scooby-Doo. Planet Snoopy will feature various Peanuts and Snoopy themed rides and attractions for all ages, plus more "kiddie" coasters than any other theme park in the country- a grand total of four. Everybody's favorite Peanuts characters- Snoopy, Charlie Brown, Lucy, Linus- will also be present to meet-and-greet guests daily. Adding onto the list of exciting new things, a live stage show will also be inside Planet Snoopy.
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Posted on September 21st, 2009 by TombraiderTy - Comments
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