Cedar Fair and affiliates of Apollo Global Management have agreed to terminate their previously announced merger agreement.
“The board has heard from Cedar Fair unitholders and it is apparent that the merger transaction does not have the required level of investor support,” announces Cedar Fair chairman, president and CEO, Dick Kinzel.
Consistent with the terms of the agreement, Cedar Fair will pay Apollo $6.5 million to reimburse Apollo for expenses incurred in connection with the transaction. In addition, both parties will release each other from all obligations with respect to the proposed merger transaction as well as from any claims arising out of or relating to the merger agreement.
“We are honoured and excited by the opportunity to continue to manage and operate Cedar Fair as a public company and to provide our guests with an outstanding experience,” concludes Kinzel.