SANDUSKY, Ohio — EDITOR'S NOTE: The above video is from a previous story.
The courtship between two of America's largest theme park operators is officially over.
In a brief statement released Tuesday evening, SeaWorld Entertainment confirmed Cedar Fair has rejected its takeover offer, worth a reported $3.4 billion. The company added it "unfortunately ... [does] not see a path to a transaction."
News of SeaWorld's apparent interest in buying Cedar Fair — which owns Sandusky's Cedar Point as well as King's Island and other parks around the country — first became public two weeks ago when Bloomberg detailed negotiations between the two sides. Cedar Fair later confirmed to 3News it would "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 unitholders."
Since Bloomberg published its article, Cedar Fair's stock has risen 24% to $61.60 per share, which actually turned out to be more than SeaWorld was apparently offering. SeaWorld's stock is also up 19% to $70.68 per unit.
Had the deal gone through, SeaWorld Entertainment would've moved ahead of Six Flags to become the fifth-largest theme park company in the world. 3News has reached out to Cedar Fair for more comment on this story.
More from Cedar Point:
- Cedar Point now hiring for 6,500 jobs ahead of 2022 season: Starting pay drops $5 an hour compared to last year
- Cedar Point completes removal of Wicked Twister roller coaster
- Cedar Point raises ticket prices to $85 at the gate for 2022 season
- Cedar Point shares update on renovations at Sawmill Creek resort property