Cedar Fair LP, the parent company of Dorney Park and Wildwater Kingdom, has agreed to be acquired by asset manager Apollo Global Management for about $635 million in cash.
The acquisition capped a year in which the struggling economy led to the drop-off of more than a million visitors to the company's amusement and water parks and it saw a rival, Six Flags, succumb to bankruptcy protection.
The $11.50-per-share offer marks a 27 percent premium to Cedar Fair's $9.08 closing stock price Wednesday. Including assumed debt, the companies value the deal at $2.4 billion.
Sandusky, Ohio-based Cedar Fair owns and operates 11 amusement parks, seven water parks and five hotels.
New York-based Apollo has more than $51 billion in assets under management as of Sept. 30. Earlier that month, it acquired Parallel Petroleum Corp., a Texas-based oil-and-exploration company, in a transaction valued at $483 million.
---Staff and wire reports
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