(Reuters) -SeaWorld Entertainment Inc said on Tuesday its offer to acquire amusement park operator Cedar Fair (NYSE:FUN) LP has been rejected and that it does not see a path to a transaction.
Cedar Fair declined to comment.
Reuters reported this month that SeaWorld (NYSE:SEAS), a Florida-based theme park and entertainment company, had offered to buy Cedar Fair for $3.4 billion in cash, according to a person familiar with the matter.
At the time the Sandusky, Ohio-based company confirmed it had received an unsolicited proposal but did not disclose the offer price.
Cedar Fair, which has a market value of $3.5 billion, owns and operates 13 properties, including amusement parks, water parks and resort facilities. The company’s parks have about 28 million guests annually, according to its website.
In 2019, it rejected a takeover offer of $4 billion, or about $70 per share, from larger peer Six Flags (NYSE:SIX) Entertainment Corp.
Source : Reuters