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 Cedar Fair and Apollo Call Off Deal!
Posted by jeffgn on Tuesday, April 06 @ 09:34:39 EDT (127 reads)
Cedar Fair announced today that the pending deal with Apollo is off due to lack of shareholder support. It was apparent with the weeks of anti-sale talks by the shareholders that they have won for the moment.
Cedar Fair will pay over $6 million dollars to Apollo because they failed to get support for the deal.
The debt Cedar Fair currently has will still stand plus this new $6 million charge. They will have to work to restructure the debt, increase revenue, or look at bankruptcy as a potential option.
If the shareholders are correct the current stock is under valued.
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Steel Rises on Shoot The Rapids
Posted by jeffgn on Monday, February 01 @ 10:33:23 EST (222 reads)
The Cedar Point web cam show that steel is starting to rise at the site of the new Shoot the Rapids ride. Over the past few months progress has been made and were finally to the steel. Concrete has been poured and what looks like the mechanical room has taken shape. I know were all looking forward to the 2010 Cedar Point season so we can ride Shoot the Rapids.
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Mark Your Calendar for Cedar Point's Opening Day
Posted by jeffgn on Tuesday, January 05 @ 12:22:35 EST (240 reads)
May 15th, 2010 is opening day. It brings the new Shoot the Rapids ride. We'll also get a good look at the main gate without the Demon Drop. We all wonder what other changes will be waiting for us. Will Cedar Point still be run by Cedar Fair or not? Only time will tell.
The count down clock has started. Come back often and check the countdown.
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Cedar Fair Sells
Posted by jeffgn on Thursday, December 17 @ 12:08:14 EST (276 reads)
What a story. Cedar Fair will be sold to the Apollo Global Management . It will turn Cedar Fair in to a private company.
Cedar Fair had been burden with debt from the other park purchases a couple years ago. That with the drop in park attendance is most likely what drove this sale.
It will remain to be seen as to what will happen to the parks. The article says it will be a merger and that Cedar Fair management will continue to run the operation. Looking at Apollo's portfolio of assets it will be interesting to see how it plays out.
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