Shareholder activism on the increase
Q Investments swooped in on Cedar Fair
Sunday, 26 February 2012
In late September of 2009, officials at Cedar Fair LP foresaw a gloomy future for the century-old amusement park chain, and eventually opened talks with Apollo Global Management in hopes of convincing the private equity firm to buy Cedar Fair for $11.50 per share.
But before shareholders could be sold on the deal's merits, an activist shareholder -- a pair of Texas hedge funds named Q Funding III and Q4 Funding and led by Fort Worth businessman Geoffrey Raynor -- swooped in January-February 2010 and bought an 18.1 percent majority share of Cedar Fair, and lobbied shareholders to vote against the Apollo deal.
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