Cedar Fair’s stock soars toward more-than 2-year high after confirming SeaWorld’s buyout bid

Shares of Cedar Fun L.P.
FUN,
+11.94%
rocketed 14.7% toward a more-than two-year high in afternoon trading Tuesday, after the amusement park operator confirmed that it had received an unsolicited buyout bid from SeaWorld Entertainment Inc.
SEAS,
+1.23%.
The company did not disclose terms of the bid, but Bloomberg, which first reported the on the bid, indicated it was for around $3.4 billion. Trading volume spiked to 4.3 million shares, compared with the full-day average of around 309,000 shares. At the current stock price, which would mark the highest close since November 2019, Cedar Fair’s market capitalization would be $3.24 billion, according to FactSet. SeaWorld’s stock rose 4.2% in afternoon trading. “Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the Cedar Fair Board of Directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interest of the Company and its unitholders,” the company said in a statement. “Cedar Fair unitholders do not need to take any action at this time.” Cedar Fair shares have now run up 21.3% over the past three months and SeaWorld’s stock has lost 4.2%, while the S&P 500
SPX,
+0.06%
has eased 1.9%.