21 Jan 2010

Cedar Fair Purchase


According to the media, the American company Cedar Fair and its eleven amusement parks were to be acquired by Apollo Global Management at approximately 2.4 billion dollars (1.7 billion euros). Shareholders would receive 11.50 dollars per share. Now shareholders want to stop the purchase of Cedar Fair. Six lawsuits have been filed at the Erie County Clerk of Courts. Shareholders are hoping for a court order that the merger agreement is unlawful and unenforceable. They claim Cedar Fair management failed in its fiduciary duties because of the low stock price. Further details regarding the purchase of Cedar Fair and a ballot of unitholders were filed by means of a proxy statement with the Securities and Exchange Commission (SEC) recently. At least two thirds of the total number of votes would represent the majority. Officials expect the sale to be finished by the end of March. (eap)