Cedar Fair board approves buyout

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Submitted by Ashley Irvine on Friday 18 December 2009 - 1:56am

One of the world's largest amusement park operators, Cedar Fair, has agreed to an acquisition by Apollo Global Management.

The board members collectively voted to approve the deal, which would see Cedar Fair unitholders receive $11.50 in cash for each unit they hold.

"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", Chairman, President and Chief Executive Officer of Cedar Fair, Dick Kinzel, said.

At least two-thirds of Cedar Fair's unitholders must take up the offer for the buyout to be successful. Other conditions must also be met.

If Apollo Global Management takes ownership of the group, Cedar Fair will become a private company.

If all of the conditions are met, the merger is expected to be finalised by the beginning of the second quarter next year.

Photo: Carowinds