$2.4B offer Cedar Fair takeover collapses

Deal dies abruptly, leaves company to figure out how to restructure debt.

Wednesday, 07 April 2010

A surprise takeover of Cedar Fair LP announced four months ago died as abruptly yesterday, but that leaves the Sandusky amusement park firm figuring out how to restructure its $1.6 billion debt.

The failed $2.4 billion takeover by New York private-equity firm Apollo Global Management LLC means Cedar Fair will keep its public stock but has no plans to reinstate its dividend, a 25-cent-a-share quarterly payout that attracted individual stockholders before it was suspended at the end of last year.

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