Six Flags Entertainment Corporation (NYSE: FUN), the largest and
most diverse amusement park operator in North America, today
announced the successful completion of the merger of equals (the
“Merger”) between Cedar Fair, L.P. (“Cedar Fair”) and former Six
Flags Entertainment Corporation (“Former Six Flags”), effective
July 1, 2024 (the “Closing Date”). The combined company is
operating under the name “Six Flags Entertainment Corporation.”
Cedar Fair’s units and shares of Former Six Flags’ common stock
ceased trading at the close of the New York Stock Exchange (the
“NYSE”) on July 1, 2024. Beginning tomorrow, July 2, 2024, shares
of Six Flags Entertainment Corporation’s common stock will start
trading on the NYSE under the ticker symbol “FUN.”
Under the terms of the merger agreement, Cedar Fair unitholders
received one share of common stock in Six Flags Entertainment
Corporation for each unit owned, and Former Six Flags shareholders
received 0.5800 shares of common stock in Six Flags Entertainment
Corporation for each share owned.
“Today marks a significant milestone for our company,
shareholders, guests and associates, unlocking higher value and
greater opportunities to deliver engaging entertainment
experiences,” said Richard Zimmerman, president and chief executive
officer of Six Flags Entertainment Corporation. “Our merger
establishes a new Six Flags Entertainment Corporation with a highly
diversified footprint and robust operating model, enhancing park
offerings and performance though the complementary portfolio of
attractive assets and intellectual property from each of Cedar Fair
and the former Six Flags. The combination also enhances the
financial profile of the company with strong cash flow generation
to accelerate investments in our parks to delight our guests,
driving increased levels of demand and in-park value and
spending.”
“We believe that by combining the best ideas and most successful
entertainment practices of both Six Flags and Cedar Fair, the new
Six Flags can deliver a superior level of joy and excitement that
has yet to be experienced by regional park guests,” added Selim
Bassoul, executive chairman of the board of directors of Six Flags
Entertainment Corporation. “We are excited to unite the Cedar Fair
and Six Flags teams to capitalize on the tremendous growth
opportunities and operational efficiencies of our more extensive
entertainment portfolio.”
Each park in the combined company’s portfolio will retain their
legacy branding with no changes to park names currently being
planned or contemplated.
ABOUT SIX FLAGS ENTERTAINMENT CORPORATION
Six Flags Entertainment Corporation (NYSE: FUN) is North
America’s largest regional amusement-resort operator with 27
amusement parks, 15 water parks and nine resort properties across
17 states in the U.S., Canada and Mexico. Focused on its purpose of
making people happy, Six Flags provides fun, immersive and
memorable experiences to millions of guests every year with
world-class coasters, themed rides, thrilling water parks, resorts
and a portfolio of beloved intellectual property such as Looney
Tunes®, DC Comics® and PEANUTS®.
ADVISORS
Perella Weinberg Partners served as exclusive financial advisor
and Weil, Gotshal & Manges LLP and Squire Patton Boggs (US) LLP
served as legal counsel to Cedar Fair. Goldman Sachs & Co. LLC
served as exclusive financial advisor and Kirkland & Ellis LLP
served as legal counsel to Former Six Flags.
CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of the federal securities laws, including
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included in
this communication that address activities, events or developments
that Six Flags Entertainment Corporation expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Words such as “anticipate,” “believe,” “create,”
“expect,” “future,” “guidance,” “intend,” “plan,” “potential,”
“seek,” “synergies,” “target,” “will,” “would,” similar
expressions, and variations or negatives of these words identify
forward-looking statements. However, the absence of these words
does not mean that the statements are not forward-looking.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. All such forward-looking
statements are based upon current plans, estimates, expectations
and ambitions that are subject to risks, uncertainties and
assumptions, many of which are beyond the control of Six Flags
Entertainment Corporation, and that could cause actual results to
differ materially from those expressed in such forward-looking
statements. Important risk factors that may cause such a difference
include, but are not limited to: anticipated tax treatment,
unforeseen liabilities, future capital expenditures, revenues,
expenses, earnings, synergies, economic performance, indebtedness,
financial condition, losses, future prospects, business and
management strategies for the management, expansion and growth of
the combined company’s operations, including the possibility that
any of the anticipated benefits of the Merger will not be realized
or will not be realized within the expected time period; the
successful integration of the businesses of Cedar Fair and Former
Six Flags; potential adverse reactions or changes to business
relationships resulting from the completion of the Merger;
legislative, regulatory, political and economic developments and
changes in laws, regulations, and policies affecting Six Flags
Entertainment Corporation; acts of terrorism or outbreak of war,
hostilities, civil unrest, and other political or security
disturbances; the impacts of pandemics or other public health
crises, including the effects of government responses on people and
economies; risks related to the potential impact of general
economic, political and market factors on Six Flags Entertainment
Corporation; those risks described in Item 1A of Cedar Fair’s
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (the “SEC”) on February 16, 2024, and subsequent reports
on Forms 10-Q and 8-K; and those risks described in Item 1A of
Former Six Flags’ Annual Report on Form 10-K, filed with the SEC on
February 29, 2024, and subsequent reports on Forms 10-Q and 8-K
(collectively, the “Reports”).
While the list of factors presented here is, and in the Reports
are, considered representative, no such list should be considered
to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements. The
ability of Six Flags Entertainment Corporation to achieve the goals
for the Merger may also be affected by our ability to manage the
factors identified above. We caution you not to place undue
reliance on any of these forward-looking statements as they are not
guarantees of future performance or outcomes and actual performance
and outcomes may differ materially from those made in or suggested
by the forward-looking statements contained in this press release.
Six Flags Entertainment Corporation does not assume any obligation
to publicly provide revisions or updates to any forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws.
The information included on, or accessible through, Six Flags
Entertainment Corporation’s website is not incorporated by
reference into this communication.
This news release and prior releases are
available under the News tab at https://investors.sixflags.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240701181300/en/
Investors: Michael Russell, 419.627.2233 Media: Gary Rhodes,
704.249.6119 Alternate Media: Andrew Siegel / Lucas Pers, Joele
Frank, 212.355.4449
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