Cedar Fair delays unitholder meeting for Apollo deal vote

What a load of crap. Let it go, Dick. This is a losing battle for you.

I gotta think this sucks for those who might have already traveled for it. I mean that's pretty low to cancel the day before. If anyone has traveled a long distance, say maybe from Texas, they surely would have already made it there.

One financial site posted that there was a rumor that Apollo was going to make a better offer, and the unit price went up a couple of bucks.

Yeah I saw that on Pointbuzz. This whole thing has been interesting from the start. I certainly didn't think it would end up the way it has so far.

There is a story in this mornings Cleveland Plain Dealer that Apollo is in the process of securing an additional $100 million dollars of funding, indicating a price offer of $13.50 per share.

Q Funding is said in the story to support that price.

Merger agreement contemplated adjourning the meeting if the votes were not there. Gives Apollo a chance to see if it wants to sweeten the deal rather than walking away. Presumably they wouldn't do that if they thought they had no shot in getting a deal. If there is an actual agreement to increase the offer to $13.50, CF will need to communicate that to unitholders. Unconfirmed reports from an investor web site won't be enough other than to drive the price of the shares up. If Q Funding would accept $13.50, that may be enough to make the difference.

CF also reported somewhat higher EBITDA for the most recently ended 12 month period yesterday which would support, on the same multiple basis, a somewhat higher offer price but not $2/unit higher.

How about this? I will take the 11.50 over the 13.50 with the caveat that Apollo guarantees a management change.

My father in law (also a unit holder) lives in Sandusky and drove over to the meeting location this morning not knowing that the meeting had been postponed. He said there were some folks milling around outside. One group urging a "no" vote and what seemed to be Cedar Fair officials giving out information about the rescheduled meeting.

The Q Funding moves make sense now (well they will if everything comes together the way the rumors are reporting). They're going to make a ton of money off of this possible increase.

Wahoo Skipper is so smart.....you should send Q Funding and Apollo your thoughts on what it will take to get you, and many others, to vote yes : )

jive2 said:
The Q Funding moves make sense now (well they will if everything comes together the way the rumors are reporting). They're going to make a ton of money off of this possible increase.

I agree if that is the way it plays out. Q Funding has never stated any intentions other than voting down the Apollo merger so at this point we don't know. But if Q Funding believed that the company was undervalued at $11.50, presumably the company was more undervalued during November when it was trading for $2 or $3 less per unit. But they were not buying CF stock then. Q Funding waited until after the merger was announced to buy the recent shares (after the price had risen to approach $11.50 and at higher prices because they bought the price up). Selling at $13.50 would provide to them a premium that, based on the short investment period, provides a good return.

Though at this point we do not actually know if Apollo will increase its price or if Q Funding would accept $13.50.

Well just like I said, people showed up anyway.

As of this morning the merger agreement has been terminated.

http://www.prnewswire.com/news-releases/cedar-fair-and-affiliates-o...89157.html

I wonder what the fastest way to get Dick out of there is now. Great that he and his son no longer have their golden parachute. :)

Are unit-holders able to get him out prior to the next cote for board members? I hope so, before he makes more bad decision and causes further damage to the company.

Take the 6.5M out of Dick's bank account...what a dumbass.

At least now he can get back to focusing on running the parks.

I'm probably wrong here, but can't the unit holders vote him out?