Cedar Point has assets

In the end, it's not our goodwill or good intentions that make the Cedar Point amusement park a success. It's the assets, starting with a location at the shore of Lake Erie in the heart of a vacationland. A merger between Cedar Fair and Six Flags should provide many benefits for Cedar Point and Sandusky, according to local officials. Provided photo/JOEY CASSEL OF NEW DEPARTURE FILMS Then there's the other assets: a world-renowned collection of roller coasters — among the fastest, tallest, feistiest, most modern and expensive trains on rails — that exist anywhere in the world. It also offers a world-class marina, hotels and an assortment of support resorts and businesses across the county and the region. In the end, it's not our goodwill that makes it succeed. It's the assets. It's wise advice to not go looking for trouble, so news last week that the city's No. 1 private asset is in the middle of a merger with a similar company should not automatically be cause for distress. By all accounts, the merger between Cedar Fair and Six Flags amusement companies is good news. "I see nothing but positives coming out of the merger," Sandusky ex officio mayor Dick Brady said. "Anytime an anchor institution like Cedar Fair makes a move to strengthen itself financially, it benefits Sandusky." It's an $8 billion deal, and the combined portfolio among the two companies is 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. The merger should be complete by the first quarter of 2024. With its assets, we anticipate Cedar Point will remain the leader of the pact. Cedar Fair unitholders will receive one share of common stock in the new combined company for each unit owned, while Six Flags shareholders will receive 0.58 shares of common stock in the new combined company for each share owned. Cedar Fair's stock has dramatically increased this week, going from $34.16 a share to $38.37 per share midday Tuesday. 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.