Breaking News Instant updates and real-time market news.

SIX

Six Flags

$46.67

-4.55 (-8.88%)

, FUN

Cedar Fair

$56.05

-1.45 (-2.52%)

10:15
10/23/19
10/23
10:15
10/23/19
10:15

Six Flags CEO says 'not in the midst' of any M&A discussions or negotiations

Six Flags (SIX) CEO James Reid-Anderson said earlier on the company's Q3 earnings call: "We have the ability to independently grow above the industry average for years to come. Yet, we also believe there are attractive opportunities for industry consolidation, whether by acquiring standalone parks as we have in the last 2 years or by pursuing scale transactions. We believe it is always important for any management team and Board to remain open to possibilities that could benefit their shareholders. Our logic is that our differentiated capabilities can enhance the performance of any newly combined entity. Our policy is not to comment on specific M&A, especially rumors, but we've long stated that we are always assessing opportunities for which there is a compelling rationale. Over the last few years, discussions have occurred with most regional players in the industry. And those discussions have taken place over many months, and in many cases, years. We are very disciplined and thorough in our assessments and have strict guidelines concerning return on investment...We would never proceed without studying the situation and proposing something that works for both parties. At the end of the day, the only barrier that we have consistently self-imposed has been our discipline to not overpay for an asset. We will never do that. So we are always looking at opportunities, but just in case there's any lack of clarity, we are not in the midst of any discussions or negotiations for an acquisition or merger of significant size. Clearly over time, that could change. But at this time, we have one singular focus, driving continued success at Six Flags, beginning with achieving our tenth consecutive record breaking year in 2019, and continuing with the initiatives that will help us deliver strong financial performance for many years to come." Earlier this month, Reuters reported that Six Flags had approached peer Cedar Fair (FUN) with a cash-and-stock acquisition offer. In morning trading as Six Flags' call continues, Cedar Fair shares are down $1.52, or 2.6%, to $55.98.

SIX

Six Flags

$46.67

-4.55 (-8.88%)

FUN

Cedar Fair

$56.05

-1.45 (-2.52%)

  • 23

    Oct

SIX Six Flags
$46.67

-4.55 (-8.88%)

10/04/19
JEFF
10/04/19
NO CHANGE
Target $57
JEFF
Hold
Jefferies doesn't see Six Flags paying over $68 per share for Cedar Fair
The potential acquisition of Cedar Fair (FUN) by Six Flags Entertainment (SIX) brings "modestly positive" outcomes from a financial perspective, but more profound benefit strategically, Jefferies analyst David Katz tells investors in a research note. The potential merger with, if true, is more transformative than Six Flags' prior deals, adds the analyst. His broad assumptions include a $68 per share offer for Cedar Fair based on a neutral enterprise value to EBITDA multiple to Six Flags. Cedar Fun closed Thursday up $1.33 to $61.05. Said differently, the analyst assumes Six Flags would not pay higher than its current valuation of 10.3 times estimated 2020 EBITDA. Katz keeps a Hold rating on Six Flags with a $57 price target.
10/04/19
10/04/19
NO CHANGE

Cedar Fair told Wells Fargo analyst it is not looking to be sold
10/04/19
WELS
10/04/19
NO CHANGE
WELS
Outperform
Six Flags an aggressive buy as Cedar Fun deal very unlikely, says Wells Fargo
While no specific comment was made regarding the Reuters article of Six Flags Entertainment (SIX) making a bid, Cedar Fair (FUN) management stated that the company is not looking to be sold, Wells Fargo analyst Timothy Conder told investors last night in a research note. Cedar Fair management conducted scheduled one-on-one meetings earlier in the week and has scheduled meetings next week, but did not participate in a conference yesterday based on counsel's advice, adds the analyst. The company has previously chosen not to convert to a C-Corp as this would involve either trigging a substantial tax bill for unitholders, or the tax bill being borne by the new C-Corp in the form of higher go forward tax rates, "neither of which is acceptable," says Conder. The analyst believes this same dilemma would face Six Flags in the event of an acquisition. For his part, Conder has yet to find any type of multiple stock class structures that would work and avoid the ability to defer a transactional tax bill to either unitholders or the surviving C-Corp. In addition, Six Flags launched a repricing of its $798M term loan due 2026 on September 30, Conder points out. It would be "strange that the company would do this ahead of a major acquisition bid," he says. As such, the analyst reiterates his view that a Six Flags acquisition of Cedar Fair is "highly unlikely." He also believes the recent pullback in Six Flags shares is "overdone and unwarranted." Candor would be an "aggressive" of Six Flags ahead of what he expects will be "solid" Q3 results from both companies. And if the recent buyout talk subsides, the analyst sees only a "modest" $2-$3 per share give back in Cedar Fun. He keeps an Outperform rating on both stocks.
10/04/19
KEYB
10/04/19
NO CHANGE
KEYB
Overweight
Keybanc says bid near $85 per share would be hard for Cedar Fair not to consider
After Reuters reported that Cedar Fair (FUN) has rejected a $70 stock-and-cash offer made by Six Flags (SIX) as too low, Keybanc analyst Brett Andress said his conversations with Cedar Fair lead him to conclude that the company is not for sale, "but everything does have a price." He thinks a bid near $85 per share would be "hard for Cedar Fair unitholders to turn down (or at least seriously consider)," Andress tells investors. While a theoretical $85 bid might be "doable," it would require a massive amount of equity "and this $85 scenario is still a far stretch," said the analyst, who admits that he "also thought SIX's initial idea to even approach FUN was a stretch." Andress has Overweight ratings on both Six Flags and Cedar Fair shares.
FUN Cedar Fair
$56.05

-1.45 (-2.52%)

TODAY'S FREE FLY STORIES

OXY

Occidental Petroleum

$38.10

-0.34 (-0.88%)

09:55
11/13/19
11/13
09:55
11/13/19
09:55
Hot Stocks
Breaking Hot Stocks news story on Occidental Petroleum »

Occidental sees proceeds…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

PCG

PG&E

$7.21

0.16 (2.27%)

, TSN

Tyson Foods

$89.50

0.505 (0.57%)

09:55
11/13/19
11/13
09:55
11/13/19
09:55
Options
Early notable gainers among liquid option names on November 13th »

Notable gainers among…

PCG

PG&E

$7.21

0.16 (2.27%)

TSN

Tyson Foods

$89.50

0.505 (0.57%)

XEC

Cimarex Energy

$45.15

0.15 (0.33%)

CME

CME Group

$204.28

2.74 (1.36%)

KSU

Kansas City Southern

$152.51

0.15 (0.10%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

  • 07

    Jan

09:55
11/13/19
11/13
09:55
11/13/19
09:55
Conference/Events
Senate Health, Ed, Labor & Pensions Committee to hold a hearing »

The Committee holds a…

09:55
11/13/19
11/13
09:55
11/13/19
09:55
Conference/Events
House Permanent Select Committee on Intelligence to hold a hearing »

The Committee holds a…

OVID

Ovid Therapeutics

$2.47

0.01 (0.41%)

09:54
11/13/19
11/13
09:54
11/13/19
09:54
Conference/Events
Ovid Therapeutics management to meet with William Blair »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

NUE

Nucor

$55.09

-0.23 (-0.42%)

09:52
11/13/19
11/13
09:52
11/13/19
09:52
Conference/Events
Nucor management to meet with KeyBanc »

Management participates…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 15

    Nov

09:52
11/13/19
11/13
09:52
11/13/19
09:52
Conference/Events
House Judiciary Committee to hold a hearing »

The Subcommittee on…

09:50
11/13/19
11/13
09:50
11/13/19
09:50
General news
Fed Chair Powell's said policy is appropriate as long as the economy remains on track »

Fed Chair Powell's…

NSSC

Napco Security

$28.01

(0.00%)

09:49
11/13/19
11/13
09:49
11/13/19
09:49
Conference/Events
Napco Security management to meet with Oppenheimer »

Meeting to be held in St.…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

MRNA

Moderna

$17.96

-0.03 (-0.17%)

09:48
11/13/19
11/13
09:48
11/13/19
09:48
Conference/Events
Moderna management to meet with Oppenheimer »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

HZN

Horizon Global

$3.72

-0.04 (-1.06%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
Horizon Global falls -6.9% »

Horizon Global is down…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SD

SandRidge Energy

$4.52

-0.115 (-2.48%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
SandRidge Energy falls -7.5% »

SandRidge Energy is down…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

I

Intelsat

$18.47

-1.92 (-9.42%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
Intelsat falls -11.9% »

Intelsat is down -11.9%,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 10

    Dec

SPB

Spectrum Brands

$55.94

4.75 (9.28%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
Spectrum Brands rises 9.1% »

Spectrum Brands is up…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

LN

Line Corp.

$40.67

(0.00%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
Line Corp. rises 13.0% »

Line Corp. is up 13.0%,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ENR

Energizer

$48.40

6.39 (15.21%)

09:47
11/13/19
11/13
09:47
11/13/19
09:47
Hot Stocks
Energizer rises 15.4% »

Energizer is up 15.4%, or…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

  • 21

    Nov

MDLZ

Mondelez

$52.07

-0.01 (-0.02%)

09:46
11/13/19
11/13
09:46
11/13/19
09:46
Conference/Events
Mondelez management to meet with Piper Jaffray »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

09:45
11/13/19
11/13
09:45
11/13/19
09:45
Conference/Events
Senate Environment & Public Works Committee to hold a hearing »

The Committee holds a…

CTAS

Cintas

$252.52

-6.38 (-2.46%)

09:45
11/13/19
11/13
09:45
11/13/19
09:45
Hot Stocks
Cintas falls after Spruce Point sees 'fraud,' 60%-75% downside risk »

Shares of Cintas are…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

KMT

Kennametal

$33.99

(0.00%)

09:44
11/13/19
11/13
09:44
11/13/19
09:44
Conference/Events
Kennametal management to meet with Seaport Global »

Meeting to be held in New…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

KALA

Kala Pharmaceuticals

$3.66

(0.00%)

09:43
11/13/19
11/13
09:43
11/13/19
09:43
Conference/Events
Kala Pharmaceuticals management to meet with Oppenheimer »

Meeting to be held in New…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

IMAX

Imax

$21.26

(0.00%)

09:42
11/13/19
11/13
09:42
11/13/19
09:42
Conference/Events
Imax management to meet with B. Riley FBR »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

  • 20

    Nov

TECK

Teck Resources

$16.55

(0.00%)

, PAAS

Pan American Silver

$17.82

(0.00%)

09:40
11/13/19
11/13
09:40
11/13/19
09:40
Options
Unusually active option classes on open November 13th »

Unusual total active…

TECK

Teck Resources

$16.55

(0.00%)

PAAS

Pan American Silver

$17.82

(0.00%)

GOOS

Canada Goose

$39.05

(0.00%)

VIPS

Vipshop

$12.03

(0.00%)

GOLD

Barrick Gold

$16.44

(0.00%)

XME

SPDR S&P Metals & Mining

$27.34

(0.00%)

LK

Luckin Coffee

$19.00

(0.00%)

WMT

Walmart

$119.13

(0.00%)

AMRN

Amarin

$20.94

(0.00%)

TSLA

Tesla

$349.89

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 13

    Nov

  • 13

    Nov

  • 13

    Nov

  • 13

    Nov

  • 14

    Nov

  • 14

    Nov

  • 19

    Nov

  • 20

    Nov

  • 09

    Dec

  • 28

    Dec

  • 21

    Feb

IDSY

I.D. Systems

$0.00

(0.00%)

09:39
11/13/19
11/13
09:39
11/13/19
09:39
Conference/Events
I.D. Systems management to meet with Barrington »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Nov

CTAS

Cintas

$258.90

-1.54 (-0.59%)

09:39
11/13/19
11/13
09:39
11/13/19
09:39
Hot Stocks
Breaking Hot Stocks news story on Cintas »

Cintas down 3% to $251.45…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.