Posted Friday, January 22, 2010 4:36 PM | Contributed by Jeff
Cedar Fair has responded to the statement by major unitholder Q Funding indicating a "no" vote for the Apollo acquisition by saying only what they've previously said, that the offer is a good for everyone.
Read the press release from Cedar Fair.
Just for reference, the man behind Q Funding is one Geoffrey Raynor. Scepter Holdings is also a front of his. This is looking interesting.
I'll translate the press release...
"The current price is higher, but look, it's still higher than it was on average a month ago!"
I wonder how many units they would have to acquire to take control of the company.
That's what I'm wondering as well, Jeff. I will say this isn't giving me warm fuzzies. Actually, I get more warm fuzzies thinking about the Apollo deal than the idea of a possible hostile takeover/proxy battle with someone I've never heard of and appears to be solely a banker. Of course, I own no units, so take that as you will.
It's interesting...one of the boilerplate items in the disclosure form that Amalgamated Gadget/Scepter/Q/Geoffrey Raynor filed on taking control of more than 5% of outstanding shares is a statement that effectively says, "I'm not trying to take control of the company." And yet, by becoming the largest single share holder and making the public denouncement of the deal, on the issue of the sale to Apollo, that's pretty much exactly what this company is effectively doing.
So, to whom does Mr. Raynor owe a favor? :)
--Dave Althoff, Jr.Last edited by RideMan, Friday, January 22, 2010 7:28 PM
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That's something I have been contemplating as well, Dave. All I can gather is that he moved from New York to Texas, and also has has significant interest in a Texas bank.
I am now viewing the statement from Q not to approve the Apollo deal when they can currently sell for more as an indirect statement to unitholders that they should in fact sell right now. That of course opens up more shares to be acquired by Mr. Raynor. Now here's a question to consider. Was Cedar Fair's response today a required "reaction," or is it an indication that this is indeed a move outside of any current connection to CF?
Personally, I'm encouraged to hear someone with a large stake in the company say "Dick Kinzel, you're full of ****." As opposed to Apollo saying "You're doing a great job, Dick. Just keep doing what you've been doing."
Cedar Fair, how does it feel now to be in the very same shoes Six Flags was in prior to Snyder/Shapiro taking control? Not so FUN, is it?
At this point I don't care who takes control of Cedar Fair, the one and only goal I and many others have is to see an end to the Kinzel & Co. side-show. Dick and Jack, take a nice look around your offices and soak up that feeling one more time before it's all gone. Funny, you both are getting one last chance to do so....unlike what you did to the employees and guests of Geauga Lake or the long time employees of Paramount. Paybacks are a bitch, aren't they?!?!?!Last edited by mlnem4s, Saturday, January 23, 2010 1:18 PM
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