The
third-largest U.S. theme park operator, Cedar Fair Entertainment Co., which
last year doubled in size after buying Paramount Parks from CBS Corp. for
$1.24 billion, reportedly has contacted private equity firms about the
possibility of acquiring the company,
according
to the New York Post. So far, interest among the buyer pool has been
tepid, the Post said. Perhaps the apathy toward the company's potential sale
may have to do with the net longtime adviser Bear, Stearns Co. has cast.
Evidently, Cedar Fair reportedly asked Bear to run a targeted auction,
according to the Post. Among those reportedly contacted were Apollo Management
LP, Blackstone Group LP, Thomas H. Lee Partner LP, as well as the buyout firms
that were involved in the auction of Paramount Parks and rival Six Flags:
Providence Equity Partners, TPG and the Carlyle Group. Of course, the weak
interest also might have to do with the possible asking price, which the Post
pegged at $3.3 billion to $4 billion, or about the same as the admission for a
family of four at one of Cedar Fair's 12 parks. —Matthew Wurtzel
See
story from the New York Post
See
related Paramount Parks story from TheDeal.com
Comments
Isn't paramount parks the same one that bought some Six Flags parks. I may be wrong.
Frank
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