SeaWorld Entertainment Inc., a theme park & entertainment company, has offered $3.4 billion to Cedar Fair to acquire it. As per the Bloomberg report, SeaWorld has put up $60 per unit in cash for Sandusky, Ohio-based Cedar Fair, as per the sources, who informed the leading daily, on the condition of anonymity.

Shares of Cedar Fair jumped more than 13% intraday and touched a 52-week high of $56.69.

In a press release, it has confirmed that it received an “unsolicited non-binding proposal from” SeaWorld Entertainment, Inc, which it is consulting with its legal and financial advisors.

Perella Weinberg Partners L.P. and Gotshal & Manges are financial and legal consultants to the company, respectively.

Cedar Fair owns a range of traditional amusement parks, including California Great America, Cedar Point, Carowinds and Kings Dominion.

Not only this, it operates 11 hotels along with running water parks and two sports complexes.

It has a market cap of $2.82 billion, while the SeaWorld market cap is $4.6 billion.

SeaWorld debuted on bourses in 2013, under the ownership of Blackstone Inc. had a terrible time after a documentary called “Blackfish” was released that year which accused the company of mistreating Orca. In 2017, Blackstone offloaded its remaining shareholding to a Chinese leisure company.

In 2020, the covid-19 pandemic devastated the stock prices of both amusement park owners– SeaWorld and Cedar Fair.

In 2019, the average stock price of Cedar Fair was about $50 a share, but in 2020, its share price crashed to $13 apiece. It was the time when the entire industry had to shut down operations. Similarly, SeaWorld had an average price of $30 to $35 apiece in 2019, but it squeezed to $8 to $10 during early 2020.

The shares of SeaWorld jumped about 4% to $63 apiece during Tuesday intraday. It recorded a 52-week-high of $70.48, while a 52-week-low is $54.36.