It was just four months ago that Reuters was reporting that Six Flags Entertainment (NYSE: SIX) was making an offer to buy Cedar Fair (NYSE: FUN). The cash and stock deal, said to be valued at $4 billion, was reportedly eventually shot down by Cedar Fair.
A lot has changed on this coaster ride since the initial buyout chatter stalled on the brake run. Cedar Fair has meandered, with its units down 6% in an otherwise buoyant market.
But those investors are feeling blessed compared with what has happened at Six Flags. Its shares have plummeted 37% in that time as of Thursday's open, taking a huge hit this week following a disastrous financial update. Six Flags is obviously no longer in a position to woo Cedar Fair, especially since its own stock is now a rapidly depreciating asset in a transaction.
Source Fool.com