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Q Investments wrote a letter to Cedar Fair's board responding to rumors that Apollo is working to secure more than $100 million in additional financing and could increase its current bid for Cedar Fair by $2 per share. Q says it will continue to oppose the deal.
Read more from The Plain Dealer.
This isn't what I thought they would do. It would seem that they really want to make some changes to CF but I thought that their previous fillings indicated that they were just along for the ride.
Q Investment originally filed a Schedule G indicating passive intent which raised some eyebrows when they were publicly indicating they were voting against the merger and advising other unitholders to do the same. But today's filing by Q indicates it is an amended Schedule D so at some point they must have changed away from the passive status. Neuberger originally filed a Schedule D but I read somewhere today that they had since amended it to a Schedule G indicating a passive intent. Some folks were speculating that might mean that Neuberger had gotten comfortable with the deal.
Q's statements today seem to leave open the possibility that they would be interested in receiving shares in the post-merger entity rather than being cashed out but I suspect Apollo wouldn't be interested in that.
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