Announcement • Jul 02

Cedar Fair, L.P. (NYSE:FUN) completed the acquisition of Six Flags Entertainment Corporation (NYSE:SIX) from H Partners, L.P., managed by H Partners Capital, LLC, H Partners Management, LLC and others in a merger of equals transaction.

Cedar Fair, L.P. (NYSE:FUN) entered into a definitive merger agreement to acquire Six Flags Entertainment Corporation (NYSE:SIX) from H Partners, L.P., managed by H Partners Capital, LLC, H Partners Management, LLC and others for $1.9 billion in a merger of equals transaction on November 2, 2023. The combined company, with a pro forma enterprise value of approximately $8 billion based on both companies’ debt and equity values as of October 31, 2023. Under the terms of the merger agreement, Cedar Fair unitholders will receive one share of common stock in the new combined company for each unit owned, and Six Flags shareholders will receive 0.5800 (the “Six Flags Exchange Ratio”) shares of common stock in the new combined company for each share owned. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2%, and Six Flags shareholders will own approximately 48.8%, of the combined company’s fully diluted share capital on a pro forma basis. One business day prior to the close of the transaction, Six Flags will declare a special cash dividend composed of: (i) a fixed amount of $1.00 per outstanding Six Flags share, totaling approximately $85 million in the aggregate, plus, (ii) an amount per outstanding Six Flags share equal to (a) the aggregate per unit distributions declared or paid by Cedar Fair to unitholders with a record date following today’s date and prior to the close of the transaction, multiplied by (b) the Six Flags Exchange Ratio, which special dividend will be payable to Six Flags shareholders of record as of one business day prior to the close of the transaction, contingent on the closing of the transaction. Upon closing of the transaction, the combined company will operate under the name Six Flags and trade under the ticker symbol FUN on the NYSE and will be structured as a C Corporation. The combined company will be headquartered in Charlotte, North Carolina, and will maintain significant finance and administrative operations in Sandusky, Ohio. Upon closing of the transaction, Richard Zimmerman, President and Chief Executive Officer of Cedar Fair, will serve as President and Chief Executive Officer of the combined company and Selim Bassoul, President and Chief Executive Officer of Six Flags, will serve as Executive Chairman of the combined company’s Board of Directors. Brian Witherow, Chief Financial Officer of Cedar Fair, will serve as Chief Financial Officer of the combined company and Gary Mick, CFO of Six Flags, will serve as Chief Integration Officer of the combined company. Tim Fisher, Chief Operating Officer (currently in same position at Cedar Fair), Brian Nurse, Chief Legal & Compliance Officer, and Corporate Secretary (currently in same position at Cedar Fair), Christian Dieckmann, Chief Strategy Officer (currently in same position at Cedar Fair). Following closing of the transaction, the newly formed Board of Directors of the combined company will consist of 12 directors, six from the Cedar Fair Board and six from the Six Flags Board. The Merger Agreement provides that, upon termination of the Merger Agreement by Six Flags or Cedar Fair upon specified conditions, including termination by Cedar Fair in respect of a Cedar Fair Triggering Event, Six Flags will pay to Cedar Fair a termination fee equal to $63.2 million, in cash and equal to 3.75% of Six Flags’ equity value. The merger is subject to the receipt of Six Flags shareholder approval, regulatory approvals, the receipt of certain domestic and foreign approvals under competition laws including approval of Mexican Federal Competition Commission (MFCC) under The Mexican Federal Law on Economic Competition (FLEC), the absence of governmental restraints or prohibitions preventing the consummation of the Mergers or the Pre-Merger Special Dividend, the effectiveness of the Form S-4 and absence of any initiated or threatened stop order or proceedings seeking a stop order by the SEC, the approval of the shares of HoldCo Common Stock to be issued in the Merger for listing on an agreed upon stock exchange, declaration of the Pre-Merger Special Dividend by the Six Flags board of directors and satisfaction of customary closing conditions. Approval by Cedar Fair unitholders is not required. Six Flags’ largest shareholder, which owns approximately 13.6% of Six Flags’ shares outstanding, has signed a voting and support agreement to vote in favor of the transaction. The transaction is not expected to trigger any change of control provision under Cedar Fair’s and Six Flags’ respective outstanding Notes. The companies expect to refinance their respective revolving credit facilities, and Six Flags expects to refinance the Six Flags Term Loan, ahead of transaction close. The transaction has been unanimously approved by the Boards of Directors of both companies. The Six Flags Board unanimously recommends that Six Flags Stockholders vote for the merger. The special meeting of stockholders of Six Flags will take place on March 12, 2024. On January 31, 2024, the Registration Statement on Form S-4 was declared effective by the Securities and Exchange Commission. On March 12, 2024, Six Flags Entertainment shareholder approved the transaction. On June 26, 2024, Cedar Fair and Six Flags announce the satisfaction of regulatory conditions for the proposed merger of equals. The merger is expected to close in the first half of 2024. As of June 18, 2024, the closing of the Mergers is expected to occur on July 1, 2024. Perella Weinberg Partners is serving as exclusive financial advisor and fairness opinion provider and Michael J. Aiello, Joseph Pari, David Levy, Steven Newborn, Megan Granger, Daniel Dokos, Jessie Chiang, Frank Adams, Michael Stein, Paul Wessel, Olivia Greer, Regina Readling, Annemargaret Connolly, Jannelle Seales, Lyuba Goltser, Jeffrey Osterman, and Matthew Gilroy of Weil, Gotshal & Manges LLP and Cipriano S. Beredo of Squire Patton Boggs (US) LLP are serving as legal counsel to Cedar Fair. Goldman Sachs & Co. LLC is serving as exclusive financial advisor and due diligence provider to Six Flags and rendered fairness opinion to Six Flags Board. Sarkis Jebejian, Allison Wein, Emily Lichtenheld, Shaun J. Mathew, Evan Johnson, Stephanie Greco, Andrea Agathoklis Murino, Vivek Ratnam, Michael Beinus, Osaro Aifuwa, Lauren M. Cates, Alison E. Beskin, Christie W.S. Mok, Stephen M. Jacobson, Tamar Donikyan, Joshua N. Korff and Rachael L. Lichman of Kirkland & Ellis LLP is serving as legal counsel and due diligence provider to Six Flags. Michael J. Aiello and Matthew J. Gilroy of Weil, Gotshal & Manges LLP acted as due diligence provider to Cedar. Sullivan and Cromwell LLP acted as counsel to H Partners. Computershare Trust Company, N.A. acted as Six Flags’ transfer agent. Innisfree M&A Incorporated acted as proxy solicitor to Six Flags for an estimated fee of approximately $100,000 plus expenses for these services. The engagement letter between Six Flags and Goldman Sachs provides for a transaction fee that is approximately $60.3 million, $5 million of which became payable at announcement of the merger agreement, and the remainder of which is contingent upon consummation of the mergers. American Stock Transfer & Trust Company acted as the Depositary to Cedar Fair. Cedar Fair, L.P. (NYSE:FUN) completed the acquisition of Six Flags Entertainment Corporation (NYSE:SIX) from H Partners, L.P., managed by H Partners Capital, LLC, H Partners Management, LLC and others in a merger of equals transaction on July 1, 2024.

CEO salary percentage	1.25%
CEO tenure	less than a year
CEO ownership	n/a
Management average tenure	2.9yrs
Board average tenure	1yr

Date	Total Compensation	Salary	Company Earnings
Mar 29 2026	n/a	n/a	-US$2b
Dec 31 2025	US$6m	US$72k	-US$2b

Name	Position	Tenure	Compensation	Ownership
John Reilly	CEO, President & Director	less than a year	US$5.78m	no data
Tim Fisher	Chief Operating Officer	8.5yrs	US$4.16m	0.19% € 3.5m
Richard Haddrill	Executive Chairman	less than a year	no data	0.23% € 4.1m
David Hoffman	Interim CFO & Chief Accounting Officer	14.4yrs	US$344.80k	0.084% € 1.5m
Ty Tastepe	Chief Digital & Technology Officer	no data	no data	0.029% € 533.2k
Michael Russell	Corporate Director of Investor Relations	no data	no data	no data
Christopher Bennett	Chief Legal & Compliance Officer and Secretary	less than a year	no data	0.000020% € 367.5
Scott Tanner	Corporate Vice President of Sales - Cedar Fair Management Co.	14.7yrs	no data	no data
Amy Ziegenfuss	Chief Marketing Officer	no data	no data	no data
Charles Myers	Senior Vice President of Creative Development at Cedar Fair Management Inc.	7yrs	no data	no data
Seenu Sarma	Chief Procurement Officer	5.3yrs	no data	no data
Chris Meyering	Senior Vice President of Commercial	no data	no data	no data

Name	Position	Tenure	Compensation	Ownership
John Reilly	CEO, President & Director	less than a year	US$5.78m	no data
Richard Haddrill	Executive Chairman	less than a year	no data	0.23% € 4.1m
Sandra Cochran	Independent Director	1yr	US$151.62k	0% € 0
Felipe Dutra	Independent Director	1yr	US$156.62k	0.016% € 295.8k
Steven Hoffman	Independent Director	1yr	US$154.12k	0.013% € 242.2k
Jonathan Brudnick	Independent Director	less than a year	no data	no data
Chieh Huang	Independent Director	4.4yrs	US$329.04k	0.013% € 231.9k
Marilyn Spiegel	Lead Independent Director	3.4yrs	US$332.54k	0.0099% € 182.6k
Rehan Jaffer	Independent Director	less than a year	no data	no data
Michael Colglazier	Independent Director	1yr	US$151.62k	0% € 0

Data	Last Updated (UTC time)
Company Analysis	2026/06/07 02:29
End of Day Share Price	2026/06/05 00:00
Earnings	2026/03/29
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Brandt Montour	Barclays
Tyler Batory	Brean Capital Historical (Janney Montgomery)
James Hardiman	Citigroup Inc

Six Flags Entertainment Management

Management criteria checks 1/4

Key information

Recent management updates

Six Flags Entertainment Corporation Announces Chief Financial Officer Changes

High number of new directors

Six Flags Entertainment Corporation Announces Executive Changes

Six Flags Entertainment Corporation, Annual General Meeting, May 26, 2026

Six Flags Entertainment Corporation Announces Board Changes

Six Flags Entertainment Corporation Appoints John Reilly as President and to its Board, Effective December 8, 2025

Recent updates

Six Flags Entertainment Corporation Announces Chief Financial Officer Changes

High number of new directors

Six Flags Entertainment Corporation Announces Executive Changes

Six Flags New England Launches Quantum Accelerator Straddle Coaster

Six Flags Entertainment Corporation, Annual General Meeting, May 26, 2026

EPR Properties (NYSE:EPR) completed the acquisition of Six U.S. Parks of Six Flags Entertainment Corporation (NYSE:FUN).

Six Flags Entertainment Corporation to Report Q1, 2026 Results on May 07, 2026

Six Flags Entertainment Corporation Announces Board Changes

EPR Properties (NYSE:EPR) entered into definitive agreement to acquire Portfolio of Seven Regional Parks of Six Flags Entertainment Corporation (NYSE:FUN) for approximately $330 million.

Six Flags Entertainment Corporation Announces the Debut of Speedway Stunt Coaster At Six Flags Mexico

Six Flags Entertainment Corporation to Report Q4, 2025 Results on Feb 19, 2026

Six Flags Entertainment Corporation Appoints John Reilly as President and to its Board, Effective December 8, 2025

JANA Partners Provides Information to Shareholders of Six Flags Entertainment

Six Flags Entertainment Corporation Reports Unaudited Consolidated Impairment of Goodwill and Other Intangibles for the Three Months Ended September 28, 2025

Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Six Flags Entertainment Corporation

Six Flags Entertainment Corporation to Report Q3, 2025 Results on Nov 07, 2025

JANA Partners Discloses its Views on Six Flags Entertainment Corporation

Six Flags Entertainment Corporation Appoints Jonathan Brudnick to Board of Directors, Effective October 17, 2025

Six Flags Entertainment Corporation Announces Board Changes

Land & Buildings Investment Management Discloses its Views/Plans on Six Flags Entertainment Corporation

Six Flags Entertainment Corporation to Unleash Biggest Halloween Season in History with Debut of The Conjuring: Beyond Fear Interactive Experience

Six Flags Entertainment Corporation Announces Step Down of Richard A. Zimmerman as President by the End of 2025

Six Flags Entertainment Corporation to Report Q2, 2025 Results on Aug 06, 2025

Six Flags Entertainment Corporation Announces Board Appointments

Six Flags Entertainment Corporation, Annual General Meeting, Jun 25, 2025

Six Flags Entertainment Corporation Announces Plan to Close Six Flags America and Hurricane Harbor After 2025 Season

Six Flags Entertainment Corporation to Report Q1, 2025 Results on May 08, 2025

Six Flags Entertainment Corporation to Report Q4, 2024 Results on Feb 27, 2025

Third quarter 2024 earnings released: EPS: US$0.55 (vs US$4.25 in 3Q 2023)

Six Flags Entertainment Corporation Reports Unaudited Consolidated Impairment of Goodwill for the Three Months Ended September 29, 2024

Six Flags Entertainment Corporation to Report Q3, 2024 Results on Nov 06, 2024

Second quarter 2024 earnings released: EPS: US$1.08 (vs US$1.05 in 2Q 2023)

Six Flags Entertainment Corporation to Report Q2, 2024 Results on Aug 08, 2024

Less than half of directors are independent

Cedar Fair, L.P. (NYSE:FUN) completed the acquisition of Six Flags Entertainment Corporation (NYSE:SIX) from H Partners, L.P., managed by H Partners Capital, LLC, H Partners Management, LLC and others in a merger of equals transaction.

Cedar Fair, L.P. (NYSE:FUN) entered into a definitive merger agreement to acquire Six Flags Entertainment Corporation (NYSE:SIX) from shareholders for approximately $1.8 billion in a merger of equals transaction.

CEO Compensation Analysis

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources