Cedar Fair shareholders to vote March 16 on Apollo takeover
2/10/2010SANDUSKY — Cedar Fair LP said Wednesday that a special meeting and vote on the company's $2.4 billion acquisition by private equity firm Apollo Global Management, of New York, will be held at 9 a.m. March 16 in the Sandusky State Theater on Columbus Avenue, Sandusky.
Cedar Fair, which owns 11 amusement parks and six water parks, said that all shareholders as of the close of business Friday will be entitled to vote at the special meeting.
Apollo has agreed to assume Cedar Fair's $1.6 billion in debt, and pay shareholders $11.50 for each Cedar Fair partnership unit that they own. For the deal to pass, it must be approved by two-thirds of the 55.2 million outstanding shares.
Two large shareholders, holding nearly 30 percent of the stock, have said they intend to vote against the deal, maintaining the per-share sale price is too low. They would need another 4 or 5 percent of shares to oppose it to block the transaction.
A proxy statement containing details of the deal is being mailed to shareholders, also known as partnership “unitholders.”