Six Flags ends sale process with no bidders

Thursday, 15 December 2005

Cedar Fair said it wasn't right for them.

By BRANDI BARHITE
brandibarhite@sanduskyregister.com

SANDUSKY - Cedar Fair LP will not purchase Six Flags, Inc. because "it wasn't a fit," said Vice President and Corporate Controller Brian Witherow.

Six Flags Inc., announced Wednesday its deadline for submission of final bids had passed without a formal bid received.

The board of directors unanimously ended the sale process, according to a press release from Six Flags.

Witherow said Cedar Fair spent some time looking at detailed financial information. He declined to comment further about Cedar Fair's decision, saying it's against company policy.

"We went through our process and we decided it wasn't a fit," he said.

However, as said all along, Cedar Fair is interested in growing through acquisitions, whether that's through Six Flags parks or others, Witherow said.

In 2004, Cedar Fair bought the Six Flags park in Aurora, Ohio, that was competing against Sandusky's Cedar Point. Since then, Cedar Fair converted Six Flags Worlds of Adventure into Geauga Lake.

At the time of the sale, Six Flags had financial problems, and said it would take several years and capital investments to improve park performance.

Wednesday, Six Flags announced Mark Shapiro as president and chief executive officer.

The appointment follows the mutual decision of the board of directors and Kieran Burke to terminate Burke, the press release stated.

Shapiro resigned as CEO of Red Zone LLC, a private investment firm founded by Daniel Snyder, who announced several months ago he had "serious interest" in acquiring the company.

"I am thrilled to now have the opportunity to revive Six Flags and implement the strategy we believe will unlock value for all stockholders," Shapiro said in the release.

Six Flags Inc., is the world's largest regional theme park company. The only Six Flags park in Ohio is Wyandot Lake, near Columbus.

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