M&A · Industrials · Services-Miscellaneous Amusement & Recreation
Cedar Fair L P to acquire Six Flags Entertainment Corp
Announced Nov 2, 2023 · Closed Jul 2, 2024
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Cedar Fair L P (FUN)
- Target
- Six Flags Entertainment Corp (SIX)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jul 2, 2024
Deal protections
- Break fee (target pays)
- $63.2M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Perella Weinberg
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- Sector median 47.5%
- EV / Adj. EBITDA
- Sector median 10.7x
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedNov 2, 2023
- Proxy filedJan 31, 2024
- Definitive proxyJan 31, 2024
- Shareholder voteMar 12, 2024
- ClosedJul 2, 2024
Valuation · fairness opinions
Discounted cash flow$23.00$38.16
Discounted cash flow$30.67$48.56
Future share price$25.50$45.52
Future share price$27.11$50.26
Precedent transactions$18.00$40.00
Implied value per Six Flags Entertainment Corp share by analysis, from Goldman Sachs · DCF discount rate 9.5%–10.5%.