ORLANDO, Fla. — SeaWorld Entertainment, Inc has offered to buy amusement park operator Cedar Fair.
What You Need To Know
- Orlando-based SeaWorld has reportedly made a $3.4 billion bid to buy Cedar Fair
- The Ohio-based theme park company owns Cedar Point, Carowinds and Knott's Berry Farm
- Cedar Fair confirmed Tuesday it had received a bid from SeaWorld but didn't share details
SeaWorld, which is based in Orlando, Florida, has reportedly offered $3.4 billion to acquire the Ohio-based company.
Although Cedar Fair didn’t confirm an amount, the company did say Tuesday that it received an “unsolicited non-binding” proposal from SeaWorld.
“Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the Cedar Fair Board of Directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interest of the Company and its unit holders,” Cedar Fair said in news release.
SeaWorld declined to comment.
Bloomberg first reported the news which sent shares of Cedar Fair up nearly 10% before trading was halted.
The news comes as the theme park industry continues to recover from the financial hit dealt by the COVID-19 pandemic.
SeaWorld owns and operates 12 theme parks and water parks across the country, including SeaWorld Orlando, Busch Gardens Tampa Bay, SeaWorld San Antonio and SeaWorld San Diego.
Meanwhile, Cedar Fair is one of the largest regional park operators in the country, with a portfolio that includes Cedar Point in Ohio, Carowinds in North Carolina, Knott’s Berry Farm in California and Canada’s Wonderland.
Cedar Fair rejected a $4 billion takeover offer from Six Flags Entertainment Corp in 2019.
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