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Based on unit value, Cedar Fair is the most successful amusement park operator behind Disney. Cedar Fair is the seventh largest amusement park operator in the world by attendance with 22.7 million guests (2008). Cedar Fair operates four amusement parks that attract over 3 million visitors a year: Knott's Berry Farm, Kings Island, Canada's Wonderland, and the company's flagship park, Cedar Point. Cedar Fair parks have earned 15 major Golden Ticket Awards for roller coasters and amusement park operation. Readers of Amusement Today, a trade newspaper which ranks amusement parks and roller coasters, continually rank Cedar Fair parks highly. Cedar Fair's flagship park Cedar Point has been voted The Best Amusement Park In The World for 11 consecutive years. In December 2009 it was announced that Apollo Management would acquire Cedar Fair units and the company would be become private underneath the management group. The deal included a cash payment of $635 million and assumed debt, giving the transaction a value of $2.4 billion. Cedar Fair planned to hold a meeting to decide if Apollo should acquire Cedar Fair on March 16, 2010, but postponed the meeting to April 8, 2010. On April 6, 2010, the deal was terminated, and Cedar Fair paid $6.5 million to reimburse Apollo for certain expenses incurred in connection with the transaction. Concurrently, Cedar Fair adopted a unitholder rights plan as an anti-hostile takeover measure. |
