 Cedar Fair and Apollo Call Off Deal!
Posted byjeffgn on Tuesday, April 06 @ 09:34:39 EDT
Contributed by jeffgn
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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