Carowinds parent company rejects increased SeaWorld takeover offer
Cedar Fair, parent company of Carowinds, declined the takeover bid for all of the entertainment company’s parks from SeaWorld Parks and Entertainment, SeaWorld said in an online statement Tuesday.
“In response to inquiries from various stakeholders, we confirm that our offer to acquire Cedar Fair was rejected. Unfortunately, we do not see a path to a transaction,” the statement said.
Nearly two weeks ago, Cedar Fair officials confirmed its board of directors was reviewing the offer. The unsolicited, non-binding $3.4 billion proposal was first reported by Bloomberg.
During its earnings call Wednesday, Cedar Fair CEO Richard Zimmerman said SeaWorld had informally increased its original proposal of $60 per unit, or $3.4 billion, to $63 per unit. However, after Cedar Fair’s board and external advisers evaluated the revised $3.58 billion bid, Zimmerman said they determined it was not in the best interest of the company and its unitholders.
“With regard to the SeaWorld proposal, we will have no further comment at this time,” Zimmerman said.
Cedar Fair, based in Sandusky, Ohio, owns 17 theme parks and water parks in the U.S. and Canada, plus 11 hotels and resorts, according to the company website.
Cedar Fair purchased Carowinds in 2006 from Paramount for $1.24 billion. The 400-acre amusement park straddles North Carolina and South Carolina in Charlotte and Fort Mill, respectively.
SeaWorld operates eight theme parks and four water parks in the U.S., according to its website.
Cedar Fair officials did not immediately respond for comment Wednesday.
Carowinds opening for new season
Carowinds is hiring about 2,000 seasonal employees for the park opening next month with jobs including rides, merchandise and games, and food and beverage. Hourly pay starts at $15 an hour, according to Carowinds.
Season passholders’ preview night is March 11, according to Carowinds website, before the March 12 opening.
The park’s water park, Carolina Harbor, will open May 27.
This story was originally published February 16, 2022 at 10:56 AM with the headline "Carowinds parent company rejects increased SeaWorld takeover offer."