The historic $2.2 billion merger between Carowinds parent company Cedar Fair and Six Flags is about to face its biggest challenge yet with the planned shareholder vote next month that could potentially derail the entire deal.
The vote is currently scheduled for March 12 at 10 am at Six Flags’ headquarters in Texas.
Shareholders will decide on whether or not to move forward with the merger agreement and on the advisory approval of executive compensation related to the merger.
$SIX / $FUN: Six Flags set its shareholder vote for March 12th regarding the Cedar Fair merger
— Special Situations 🌐 Research Newsletter (Jay) (@SpecialSitsNews) January 30, 2024
Interestingly, Cedar Fair shareholders are not being offered the chance to vote on the merger.
If the vote passes, the combined entity will operate under CopperSteel HoldCo and branded as Six Flags Entertainment Corp, with Six Flags and Cedar Fair stockholders owning 48.8% and 51.2% of the shares, respectively. The new $8 billion company will operate a total of 42 amusement parks and 9 resort properties across North America.
This merger is under the microscope of the Department of Justice (DOJ), which has requested additional information to assess the deal further, extending the regulatory review period.
Charlotte residents and Carowinds enthusiasts are keenly watching as this merger could significantly impact the local attraction that straddles the North and South Carolina border, marking a new chapter in its storied history.
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