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Land & Buildings Investment Management, LLC (Land & Buildings), a significant shareholder of Six Flags Entertainment Corporation, believes that the proposed merger with Cedar Fair does not maximize value for all shareholders. They suggest monetizing Six Flags' real estate, which they estimate to be worth nearly $30 per share. Land & Buildings intends to vote against the merger and explore other options to realize full value for shareholders.
Positive
None.
Negative
None.
Believes Proposed Deal Does Not Maximize Value for All Shareholders and that Monetizing Six Flags’ Real Estate – Which is Likely Worth Nearly $30 Per Share – Represents Superior Pathway
Intends to Vote Against the Merger and Explore All Options to Realize Full Value for Shareholders
STAMFORD, Conn.--(BUSINESS WIRE)--
Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Six Flags Entertainment Corporation (NYSE: SIX) (“Six Flags” or the “Company”), issued the following comment on the Company’s proposed merger with Cedar Fair (NYSE: FUN):
“The proposed merger of Six Flags and Cedar Fair does not maximize value for all shareholders and there are better alternatives available. We believe the right path forward is to monetize the Company’s real estate, which alone is likely worth nearly $30 per share based on inquiries we have received from interested third parties. We plan to explore all options to maximize value for shareholders and do not intend to support the merger as currently structured.”
Source: Land & Buildings Investment Management, LLC
FAQ
What is the opinion of Land & Buildings Investment Management, LLC (Land & Buildings) on the proposed merger between Six Flags Entertainment Corporation and Cedar Fair?
Land & Buildings believes that the proposed merger does not maximize value for all shareholders.
What alternative does Land & Buildings suggest?
Land & Buildings suggests monetizing Six Flags' real estate, which they estimate to be worth nearly $30 per share.
How does Land & Buildings plan to respond to the proposed merger?
Land & Buildings intends to vote against the merger and explore other options to realize full value for shareholders.
