Cedar Fair (FUN) stock rallies after SeaWorld’s (SEAS) purchase offer

2 min read | February 01, 2022 02:33 PM PST | By Rupam Roy

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Cedar Fair (FUN) stock rallies after SeaWorld’s (SEAS) purchase offer — Image source: Shutterstock.com

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Highlights

SeaWorld is offering US$3.4 billion for Cedar Fair.

Based in Sandusky, Ohio, Cedar Fair runs amusement and water parks.

The Cedar Fair (FUN) stock returned over 18% gains in the past 12 months.

The stocks of Cedar Fair, L.P. (NYSE:FUN) surged 11% on Tuesday afternoon after it confirmed a purchase offer from the theme park company SeaWorld Entertainment Inc (SEAS).

The Florida-based SeaWorld (NYSE:SEAS) has offered to acquire Cedar Fair for US$3.4 billion.

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According to a source, SeaWorld is offering around US$60 per share in cash, representing a premium of 21% on Cedar's closing price on Monday. Cedar Fair confirmed receiving the offer in a statement and said the board would review the proposal.

Based in Sandusky, Ohio, Cedar Fair also runs amusement and water parks with resort facilities.

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Cedar Fair (FUN): Stock performance, financials

The Cedar Fair (FUN) stock was priced at US$55.965 at 3:14 pm ET on February 1, up 12.54% from its previous close. It returned 18.57% gains over the past one year.

It has a market cap of US$3.13 billion, and its EPS is US$-2.26. The stock saw the highest price of US$52.50 and the lowest price of US$39.15 in the last 52 weeks.

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It will release its fourth quarter and fiscal 2021 financial results on February 16.

In the third quarter of fiscal 2021, Cedar Fair reported revenue of US$753.40 million, compared to US$87.45 million in the year-ago quarter. Its net income came in at US$147.98 million against a loss of US$136.26 million in Q3, FY20.

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Bottomline

In 2019, Cedar Fair had rejected a purchase offer from Six Flags Entertainment Corp. It had offered US$4 billion, or US$70 per share, for Cedar. It declined the offer, stating the bid was too low.

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