Fly News Breaks for October 4, 2019
Oct 4, 2019 | 15:40 EDT
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.
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