Shares of master limited partnership Cedar Fair LP (NYSE: FUN) , which owns and operates amusement parks, rose as much as 12.5% in morning trading today. The big news was a rumor, but it came with a $3.4 billion price tag.
In 2020, when the coronavirus pandemic first started to spread across the globe, amusement parks were shunned by investors and consumers alike. However, as the world has started to learn to live with the illness, it appears that SeaWorld Entertainment (NYSE: SEAS) thinks the future will be bright for these in-person, group-oriented entertainment options. That analysis comes from the rumor that the company has offered $60 per unit for peer Cedar Fair. Cedar Fair owns 13 largely seasonal, ride-focused amusement parks and would complement SeaWorld's similarly sized collection of parks. Cedar Fair has stated that it is reviewing the acquisition offer, but did not disclose the offer's details.
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Why Cedar Fair Units Rose as Much as 12.5% in Early Trading Today