SeaWorld Entertainment’s $3.4 billion unsolicited bid was turned down on Tuesday by the Ohio-based Cedar Fair, which owns Knotts Berry Farm in Orange County among dozen others.
“In response to inquiries from various stakeholders, we confirm that our offer to acquire Cedar Fair was rejected. Unfortunately, we do not see a path to a transaction,” a company statement reads.
SeaWorld, which owns 12 parks, including the San Diego marine park made the “unsolicited, non-binding proposal” to Cedar Fair, as first reported by Bloomberg.
The acquisition comes as SeaWorld Entertainment has suggested it incurred economic hardships when the pandemic forced the closures of parks.
However, third-quarter revenue was up $415.1 million compared to the third quarter of 2020, to $521.2 million, according to SeaWorld’s report.
During their third quarter, SeaWorld attracted 7.2 million guests in the third quarter of 2021, which ended Sept. 30. That’s 5.7 million more than in 2020, although attendance still fell short by 900,000 compared with the same period in 2019.
Cedar Fair also owns and operates nine water parks, as well as more than a dozen lodging properties. According to recent figures, Cedar Fair's third quarter had a record $753 million in net revenue.