SIX - Why Six Flags Soared Today
2023-11-01 16:04:57 ET
Shares of theme park giant Six Flags Entertainment (NYSE: SIX) were soaring today, up as much as 10.6% on the day before settling into a 5.5% gain as of 3:02 p.m. ET.
Around 2 p.m. ET, the Wall Street Journal reported that Six Flags was nearing a deal to merge with theme park rival Cedar Fair (NYSE: FUN) , which was up 7.8% around that time in its own right.
Often, the acquirer of a company falls on the news of an acquisition. However, it appears this deal, if it happens, maybe a merger of equals, and likely done through an equity swap. Therefore, the prospect of streamlining costs over a larger revenue base sent both stocks higher today.
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Why Six Flags Soared Today