Mergers News

Cedar Fair in talks on $4.1 bln takeover -report

NEW YORK, July 30 (Reuters) - Theme park operator Cedar Fair FUN.N is in talks to be taken over by investment firm Destiny Capital Solutions in a $4.1 billion deal, the New York Post reported on its Web site on Monday.

Destiny Capital has agreed to keep Cedar Fair Chief Executive Richard Kinzel and other managers in place should a deal be reached, the paper said, citing a spokesman.

The talks are at an early stage after the two sides started negotiating two weeks ago, the paper said.

Destiny Capital has proposed paying a 20 percent premium over Cedar Fair’s current market value, the Post said.

It also plans to spend from $500 million to as much as $800 million to upgrade Cedar Fair’s amusement parks, water parks and hotels, the paper reported.

Cedar Fair could not be reached immediately for comment.