Posted Monday, July 30, 2007 1:12 PM | Contributed by Jeff
Cedar Fair Entertainment Company today commented on recent reports of a potential sale to Destiny Capital.
“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.”
Read the press release from Cedar Fair.
Monday, July 30, 2007 1:21 PM
Hmmmmm. I wonder if CF just found the source of that first leak...
Somebody check Sandusky for any desks flying out of windows :)
Monday, July 30, 2007 2:55 PM
It sounds like less of a leak and more of someone talking crap up that they weren't in a place to talk up.
Makes the Post look pretty stupid too.
Monday, July 30, 2007 3:56 PM
Heh, they will announce the buy out tomorrow. :)
Monday, July 30, 2007 4:23 PM
Well, a 20% payoff (or is that 120%) would have been nice, but I'm just as happy keeping my units.*** This post was edited by Jason Hammond 7/30/2007 4:25:29 PM ***
Monday, July 30, 2007 5:47 PM
Chrysler said the same thing when it was reported Cerberus was interested. I'm with playa, buyout announced tomorrow.
Woah... my bad.. I mean eightdotthree... stupid glancing..*** This post was edited by coastern3rd 7/30/2007 6:37:11 PM ***
Monday, July 30, 2007 5:56 PM
You're with who? I didn't say anything about the buyout. Just the 'leak.'
Seahawk & the Wave
Monday, July 30, 2007 7:39 PM
um, not for anything, but the NY Post makes itself look stupid every single day.
Like it says, founded by Alexander Hamilton in 1804!
Monday, July 30, 2007 8:34 PM
Typical CF Ploy to get other suitors interested for more $$$
I mean Come on, This is the Company that denied everything right up to the announcement of them purchasing Geauga.
Monday, July 30, 2007 11:49 PM
^ Except I wonder who'd come up with more than 4.1 billion. When the story first broke that CF was seeking a possible buyout, most analysts said the company was worth around 3.3 billion, maybe. When the story first appeared legit, I asked my broker what a buyout at that price would mean, and he estimated the shares would be worth around $38.
Tuesday, July 31, 2007 7:48 AM
I'd prefer to see them sell off individual parks....perhaps then there would be some oppurtunity of hope for some of them....I'm sick of every park being the same.....time for some inovation.
Cedar Fair corporate management is no good for nobody, let some better hands take over for these poor parks.
Tuesday, July 31, 2007 9:20 AM
Opportunity for hope? Hope of what? All but Geauga Lake are clearly doing very well and profitable.
Tuesday, July 31, 2007 9:21 AM
Charles, I wasn't here long before the Geauga aquisition, but I don't remember reading anything about denials. I don't even remember people saying, hey I bet CF will buy GL. All I remember was I was suprised when it happened.
Tuesday, July 31, 2007 9:44 AM
Nobody saw that coming. Few on the inside even knew anything about it.
Tuesday, July 31, 2007 3:27 PM
Thats what I mean by what goes on behind closed doors isn't public knowledge.
Of course stockholders or at least the board would have to approve a major move, But your not privy to whats actually going on, Who's involved ect.
I have a good bet CF just says there are not in negotiations to keep their options open. If someone comes and offers 5 billion and gives them the same control deal.
Chuck, who knows Tunnesfurd or whatever it interested in american interest.
Tuesday, July 31, 2007 4:27 PM
You said they denied the Geauga Lake thing, but no one was accusing them of wanting to buy it in the first place. That was our point.
Tuesday, July 31, 2007 10:29 PM
Tuesday, July 31, 2007 11:10 PM
You mean the parks talk about things in private and don't release that information to the public? Get out!! I was led to believe they tell the public every single detail.