BUENA PARK, Calif.—Cedar Fair, the owner of Knott’s Berry Farm, rejected a $3.4 billion “unsolicited” offer from competitor SeaWorld, a top company official announced on Feb. 16.
On Feb. 1, Cedar Fair received a “non-binding proposal” from SeaWorld Entertainment seeking to purchase $60 per unit, which was later “informally” increased to $63 per unit, according to Zimmerman.
“Our Board, together with its external advisors, carefully evaluated the proposal and determined it was not in the best interests of the Company and its unitholders,” Cedar Fair CEO Richard Zimmerman said during a quarterly earnings call.
Cedar Fair operates 13 properties all over the country, including amusement parks, outdoor water parks, and resorts.
While Cedar Fair rejected the sale, Zimmerman said the company is “open minded” to consider valuable opportunities.