Valleyfair owner Cedar Fair has rejected SeaWorld Entertainment Inc.'s takeover offer, effectively ending any possibility of a deal, the parties said.
The sweetened offer was not in Cedar Fair's "best interest," said Cedar Fair Chief Executive Richard Zimmerman on Wednesday.
Zimmerman said the company had first received a $60-a-share offer, which SeaWorld later informally raised to $63. Cedar Fair then rejected the revised bid, which had valued it at $3.58 billion.
SeaWorld, a Florida-based theme park and entertainment company, had earlier this month offered to buy Cedar Fair for $3.4 billion in cash, according to a person familiar with the matter.
At the time, Cedar Fair confirmed it had received an unsolicited proposal but did not disclose the offer price.
In 2019, Cedar Fair rejected a takeover offer of $4 billion, or about $70 a share, from larger peer Six Flags Entertainment Corp.
Cedar Fair operates Valleyfair in Shakopee, as well as Cedar Point and Kings Island in Ohio, Carowinds in North Carolina and Knott's Berry Farm in California.
Separately, Cedar Fair on Wednesday reported fourth-quarter revenue of $350.9 million, surpassing analysts' average expectation of $301 million, according to Refinitiv IBES data, as more people returned to its parks.
