Why Six Flags Stock Jumped 30% Last Month
Shares of amusement park company Six Flags Entertainment (NYSE: SIX) jumped 30.2% in June, according to data from S&P Global Market Intelligence. However, as of July 1, Six Flags completed its merger with Cedar Fair Entertainment (NYSE: FUN) and now trades under Cedar Fair's ticker symbol. Shares of Cedar Fair stock were up 25% during the month.
Shares of both companies zipped higher last month as it became increasingly clear that the merger deal would go through. Not all merger proposals come to fruition, and Six Flags proposed a merger with Cedar Fair back in November. But on June 18, management released details for the merger, which regulators approved on June 26.
In relation to the merger, Cedar Fair CEO Richard Zimmerman is now CEO of Six Flags. For his part, former Six Flags CEO Salim Bassoul is now executive chairman of the board of directors.
Source Fool.com
