Cedar Fair sends letter to unit holders pleading for votes to approve Apollo deal

Posted Tuesday, March 2, 2010 2:44 AM | Contributed by Jeff

Cedar Fair, L.P. announced that it is mailing a letter to unitholders in connection with the previously announced acquisition by affiliates of Apollo Global Management, pursuant to which Cedar Fair unitholders will receive $11.50 in cash for each Cedar Fair limited partnership unit that they hold. The letter offers a number of bullet points explaining why they believe the deal is right, and also reminds unit holders that they need a 2/3 majority to pass the measure.

Read the entire letter from Cedar Fair.

Tuesday, March 2, 2010 2:45 AM
Jeff's avatar

Sounds like they're really desperate. I think this thing is gonna fail.

Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

Tuesday, March 2, 2010 6:49 AM

I don't know about other unit holders,but I
got my proxy materials a couple of weeks ago
and voted as soon as I got them.
You would think if Cedar Fair wanted to influence
unit holders' votes,they would have sent this letter out
much earlier.

Tuesday, March 2, 2010 7:14 AM
kpjb's avatar

They probably tried, but Kinzel insisted on using a typewriter then making copies with carbon paper.


Tuesday, March 2, 2010 7:58 AM

Carbon paper?

I would think that he would at least have them use a Ditto machine.


Tuesday, March 2, 2010 9:29 AM

Well, he could have sent a handwritten note to everyone. That would at least leave everyone with a keepsake.

Tuesday, March 2, 2010 10:37 AM
Pagoda Gift Shop's avatar

You think DK wishes he wouldn't have extended his contract at this point? Or is he still 'having fun' per se?

Tuesday, March 2, 2010 1:35 PM

I find it interesting that they made clear that 2/3 majority is what is needed....
It can be looked at two ways in my opinion. It could be seen as a "bullying" tactic, or an incentive to let people know that a lot of opposed votes are necessary. I still don't know why CF is playing games and keeping shareholders in the dark after all we should have known about this"memo" weeks ago before the slandering and structure started, like rpbobcat said. All of this together equals 1 thing......DK has had too many rides on the scrambler and the 30 min line so he can ride it by himself are just people there to watch him having fun!!
I agree with Jeff, this thing is going to fail. I mean bullet-ed bold points are you kidding me?

Tuesday, March 2, 2010 1:54 PM
mlnem4s's avatar

Maybe one of those bullet points should have read:

"* Passage of said Apollo agreement will include the immediate resignation of CEO and Chairman, Richard Kinzel, COO Jack Falfas and CFO Peter Crage."

Tuesday, March 2, 2010 1:58 PM

Was there anything said in the letter that wasn't also said in the proxy materials? And isn't the bolded text used to highlight certain things with a knowledge that folks tend to skim things if they read them at all?

Could the letter be in response to the statement by Q Funding late that week that it plans to buy more shares to increase its chances of blocking the sale? If Q Funding buys more units is that an act of desperation?

It may also be the case the CF intended to send this letter all along. Notices need to be given a certain number of days out. This may just have been a planned reminder for folks.

Tuesday, March 2, 2010 2:07 PM

I hope they used a mimeograph machine, so when I get my letter, I can get a slight buzz from huffing the fluid on the paper. That might even convince me to see things their way.

Tuesday, March 2, 2010 6:06 PM
crazy horse's avatar

Sound's like they are grasping at straws.

what you've just said is one of the most insanely idiotic things I have ever heard.
Everyone in this room is now dumber for having listened to it.
I award you no points, and may God have mercy on your soul.

Wednesday, March 3, 2010 7:53 PM

I've voted already and didn't receive a letter from Cedar Fair or Apollo. I wonder if you have to have X number of shares to get the mailings.


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