October 14, 2005
Sandusky, OH -- Cedar Fair will look at possibility of purchasing Six Flags. The Sandusky, Ohio based amusement and water park operator has requested detailed financial information from Six Flags, the world's largest regional theme park company.
"Six Flags is for sale. We feel we have a financial responsibility to our investors to look at it," said Stacy Frole, Cedar Fair's director of investor relations.
How it may happen is yet to be determined.
According to Frole, they haven't received the financial information they need to study how Cedar Fair may acquire Six Flags, Inc.
The financial information Cedar Fair will receive will include data about the operations at Six Flags individual parks.
Six Flags' board of directors in August unanimously determined to seek proposals from third parties regarding a possible sale of the company.
The process initiated by Six Flags is designed to result in the receipt of full and fair value by all Six Flags stockholders for all of their shares.
Six Flags has another suitor Red Zone, LLC, which launched a bid in August to obtain enough stock and consent from shareholders to remove Six Flags' chief executive officer, chief financial officer and director. Daniel Snyder manages and controls Red Zone investment company.
Six Flags' board of directors opposes Red Zone, but the board has invited them to participate in the process.
Red Zone blames Six Flags current management for five years of negative earnings.
Cedar Fair may consider two scenarios. They may consider purchasing all of Six Flags properties or they may look at acquiring some individual parks if Six Flags is sold to another owner.
Last year, Cedar Fair reached an agreement with Six Flags to purchase the Six Flags Worlds of Adventure theme park in Aurora, Ohio.
For more information, visit www.cedarfair.com.
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