Apollo Global Management has pulled the plug on its planned US$650m takeover of theme park operator Cedar Fair, following opposition to the agreed price by Cedar Fair shareholders.
The US$11.50-a-share offer made by Apollo in December 2009 failed to secure the needed 66 per cent majority and after months of negotiations, the two companies agreed to cancel the offer.
As a result, Cedar Fair has agreed to pay Apollo US$6.5m to cover the expense of the failed bid.
