For Sale: Sandusky based amusement park chain

[FParker185]

http://www.nypost.com/seven/07092007/bu ... lauria.htm

Looks like Cedar Fair has is looking around for a buyer, seems they pulled a Six Flags and ran their debt up a bit high for their liking.

[rct2wizard360]

Wow. That's pretty much all I have to say.

At least they'll be keeping the same management team.

[batcave]

I saw that coming.

[Galvan]

So now what are all the CF Fan boys going to say about this? I mean Cedar Fair in debt? Impossible thats only an issue for Six Flags right?

[LAFFfan4lyfe]

Take that CP fanboys!

[BullInDaBack4Life]

I hope nothing real bad happens to Cedar Point (like it closing, gasp!) because I want to go there someday because based on pictures, the website, hearsay and all that it looks and sounds awesome. And speaking of fanboys, if I ever made it there, I have the feeling I'd turn into a CP fanboy.

[Galvan]

^ Somehow, after reading that, I dont doubt that.

[Danhockey04]

Well, at least its not SFI the only ones in trouble now, kinda good for them to have some company.

[RagingBullFan]

This isn't a big deal at all....

It doesn't have a ton to deal with their debt...

They just feel they would be better run as a private non-publicly traded company, i.e. not answering to shareholders when they can't pull in the $$$...

[Bob O]

I dont forsee many private entities running out to buy Cedar Fair, and keep the current management in place.
They are a company that is deeply in debt, runs mainly seasonal operations and have had stagnant growth for years with nothing on the horizion to jumpstart the company.
It would likely cost approx 3.5 billion to buy with the current debt load and value of the company and a private group wont spend that much money to keep the current leadership in place that hasnt shown it has the ability to absorb Paramount and turn things around, because if it did it wouldnt be on the look out for a buy out.
Sadly it seems that Cedar Fair made the same wrong decision to over-expand just as SF did in the past.

[Galvan]

What if....haha Six Flags bought Cedar Fair, WHAT would the CF fan boys do then?

LMAO

[zjohn1988]

I hope nothing real bad happens to Cedar Point (like it closing, gasp!) because I want to go there someday because based on pictures, the website, hearsay and all that it looks and sounds awesome. And speaking of fanboys, if I ever made it there, I have the feeling I'd turn into a CP fanboy.

Even if someone buys CF, CP and the other good parks wont close.

[FParker185]

if SF had bought CF, right now Nortons Auctioneers would be working around the clock

[Carlo]

I am not sure how much Money Red Zone LLC has lying around. But if they have the money. I would not be surprised if Red Zone LLC buys the park and then lets Six Flags Mangage the parks in a multi-year agreement.

[Dvo]

Well, I guess I'll have to step in here, seeing as though I am a "CP Fanboy."

"What if....haha Six Flags bought Cedar Fair, WHAT would the CF fan boys do then?"

First of all, it's sad that you say this because you're pretty much destroying your own park. And as for what I have to say about the situation... We all knew that CF was in debt. But did that stop them from acquiring ALL of the Paramount Parks? No. They're in debt, but they are growing immensely while Six Flags on the other hand is downsizing because of their debt. CF is moving in a positive direction. They're only seeking to be purchased because it could be a great investment for a private equity company, and CF could maintain their park managing strategies. In my opinion, CF isn't really losing anything in this deal.

[Galvan]

So,

Let me understand here when Red Zone purchased SF, people where all up in arms. "Oh my god, Snyder's running the show what now."

But now that CF is in the same boat, its okay? "eh, its not a big deal."

How is this any different?

[w00dland]

No. They're in debt, but they are growing immensely while Six Flags on the other hand is downsizing because of their debt. CF is moving in a positive direction.

I seem to remember another theme park chain did that around the years 1999 and 2000 installing a bunch of huge roller coasters and flat rides, then 5 years later not having any choice but to be taken over hastily by another company...

[Dvo]

^If you're talking about Paramount, those parks were horribly managed. When Paramount took over Kings Island, they turned what was a beautiful park into a concrete disaster. It still is a great park, but it could have been 10 times better if Paramount even tried to maintain the park appearance rather than just dropping thrill rides and concrete wherever they please. Cedar Fair has been a well-managed company for years, and even if they are bought out they'll keep their management team.

[FParker185]

NEW YORK, July 30 (Reuters) - Theme park operator Cedar Fair (FUN.N:
Quote, Profile , Research) is in talks to be taken over by investment
firm Destiny Capital Solutions in a $4.1 billion deal, the New York
Post reported on its Web site on Monday.

Destiny Capital has agreed to keep Cedar Fair Chief Executive Richard
Kinzel and other managers in place should a deal be reached, the paper
said, citing a spokesman.

The talks are at an early stage after the two sides started
negotiating two weeks ago, the paper said.

Destiny Capital has proposed paying a 20 percent premium over Cedar
Fair's current market value, the Post said.

It also plans to spend from $500 million to as much as $800 million to
upgrade Cedar Fair's amusement parks, water parks and hotels, the
paper reported.

Cedar Fair could not be reached immediately for comment.
http://today.reuters.com/news/articlehy ... APITAL.XML

--end story--

That is actually the most awesome news that could have resulted from this whole thing going down. I hope they reach a deal.

[Do I Know You]

Cedar Fair's not up for sale

“We have received numerous inquiries and questions regarding stories that have appeared in the press concerning a possible sale of the company,” said Dick Kinzel, Cedar Fair chairman, president and chief executive officer. “Although as a matter of policy we do not normally comment on market rumors, an article today reports a claim by an organization referred to as “Destiny Capital” that constructive negotiations with the company have been undertaken. We are not currently in discussions with that organization or any other party for the sale of the company. Of course, the board continuously challenges management to find the best strategic alternatives available to increase value to our unitholders, and I do receive inquiries from time to time about a particular park or group of parks, whether it is to sell or to even buy additional parks. Consistent with our policy, I do not intend to comment on any of these discussions on an ongoing basis.”