Breakingviews - Breakingviews - Theme park deal rollercoaster takes downward lurch
the Iowa-based company had rebuffed its takeover bid, knocking shares of both firms in early trading. The offer, which Reuters reported to be worth $3.4 billion, was lower than a bid from Six Flags Entertainment in 2019.
Cedar Fair may be hoping Six Flags comes knocking again. After all, amusement parks rebounded rapidly last summer as travel to outdoor destinations picked up. But the $4 billion company is not much bigger than Cedar Fair, making a big premium unlikely.Besides, analysts expect Cedar Fair’s revenue growth to level out at a measly 4% in 2023, according to Refinitiv. Cedar Fair may be hoping for a screaming auction, but a deal with the $5.5 billion SeaWorld seems like a decent option.
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