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Cedar Fair rejects SeaWorld's reported $3.4-billion takeover bid

SeaWorld added it 'does not see a path to a transaction' that would've seen the company acquire Cedar Point and King's Island, among other parks.

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.

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