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Medusa42

Six Flags Corporate News

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19 minutes ago, Matt Kaiser said:

 

What's he referring to here? Their cloned rides are difficult for others to clone?

He was referring to the parks.  It would take an enormous amount of money and time for a competitor to build a similar park in a Six Flags market.  This is also why Six Flags wouldn't want to sell one of their major parks.

 

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Interesting picks for the Board of Directors.
https://finance.yahoo.com/news/two-directors-added-six-flags-215000672.html

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Two Directors Added to Six Flags Board of Directors
Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that B. Ben Baldanza and Selim Bassoul have been appointed to its board of directors, expanding membership to nine. These appointments represent the second and third new directors added this year.

 

"We are pleased to welcome Ben and Selim as new independent directors to the Six Flags board," said Richard Roedel, Chairman of the Board. "They are exceptional business leaders with great records of accomplishment, and join Six Flags at an exciting time as we move forward with our strategic work. The addition of these directors complements our board of directors with a diversity of skills and experiences that will help our company reinvigorate growth and realize its full potential."

 

About B. Ben Baldanza

Baldanza, 58, is currently CEO of Diemacher LLC, an advisory firm helping businesses restructure, grow revenue, and reduce costs. He is the former CEO, President and Director of Spirit Airlines, an ultra-low cost carrier. Under his leadership from 2005 to 2016, Spirit Airlines grew its revenue from $500 million to $2.1 billion, and transformed from an unprofitable business to the highest margin airline in the US, creating significant value for shareholders. Prior to joining Spirit Airlines, Baldanza held positions of increasing responsibility in finance, marketing, and revenue management. He currently serves as a director of JetBlue Airways Corporation, and previously served on the boards of Frontier Airlines, Inc. and Spirit Airlines, Inc.

 

Baldanza brings extensive commercial and operational experience with expertise in revenue management and productivity. He holds a B.A. from Syracuse University and an M.A. in Public Administration from Princeton University.

 

About Selim Bassoul

Bassoul, 63, is former President, CEO and Chairman of Middleby Corporation, a leading manufacturer of food service and processing equipment. Under his leadership from 2001 to 2019, Middleby grew revenue from $100 million to $2.7 billion and grew Adjusted Operating Income from $12 million to $535 million, creating significant value for shareholders. Bassoul previously served on the boards of Confluence Outdoor, Piper Aircraft, Inc., and Scientific Protein Laboratories.

 

As part of the Board, Bassoul will provide counsel in the areas of culinary, consumer information and insights, and mergers and acquisitions. He holds a B.A. in Business Administration from the University of Beirut, and an M.B.A. in Finance and Marketing from the Northwestern Kellogg School of Management.

 

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They are removing the Batman arenas so a new stunt show is unlikely. A renovation to the Showcase would be awesome, along with a new show. I'd keep the arena just for concerts, you have two stages for Children's shows, you have the Golden Kingdom animal encounter bit, but a new stage in Plaza Del Carnival would be awesome-even if it just served as an anchor for a family friendly Day of the Dead event.

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6 hours ago, Pineracer said:

They are removing the Batman arenas so a new stunt show is unlikely. A renovation to the Showcase would be awesome, along with a new show. I'd keep the arena just for concerts, you have two stages for Children's shows, you have the Golden Kingdom animal encounter bit, but a new stage in Plaza Del Carnival would be awesome-even if it just served as an anchor for a family friendly Day of the Dead event.


I hadn’t seen a plan about this. Do you just mean they’ve removed some like SFNE’s?

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16 hours ago, Sluggo77 said:

I hadn’t seen a plan about this. Do you just mean they’ve removed some like SFNE’s?

 

Justice League at Magic Mountain replaced their Batman Arena. I think America's is still intact right now, as is ours, Kentucky Kingdom's (used for their bird show), not sure about the others

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H Partners is growing their position in Six Flags.  2 million shares picked up over the past week in a series of trades.  They now own 7.5 million shares or 8.9% of the common stock.

Edited by Medusa42

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20 hours ago, Medusa42 said:

H Partners is growing their position in Six Flags.  2 million shares picked up over the past week in a series of trades.  They now own 7.5 million shares or 8.9% of the common stock.

"Is this corporate raiding?"

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This is a shareholder trying to make money by steering the direction of the company. H-Partners were majority shareholders before when the company came out of bankruptcy from the Red Zone/Shapiro years. It looks like they're doing the same again bringing the company back from the brink. 

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5 hours ago, GAcoaster said:

This is a shareholder trying to make money by steering the direction of the company. H-Partners were majority shareholders before when the company came out of bankruptcy from the Red Zone/Shapiro years. It looks like they're doing the same again bringing the company back from the brink. 

Due to coronavirus fears hitting the stock price, H Partners will be able to build their 14.9% stake much cheaper than they initially planned.  The low stock price could also make Six Flags an attractive takeover target, but it is less likely to happen with H Partners already there because they will demand a premium for their shares.  The cooperation and standstill agreements gives Spanos and the new Board of Directors some breathing room while they attempt to fix the company over the next year.

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What a wild year!  The Six Flags Board of Directors just enacted a defensive measure to fend off a potential hostile takeover of the company.  Six Flags already has a cooperation agreement with H Partners, so they are worried about someone else.

 

https://investors.sixflags.com/news-and-events/press-releases/2020/03-31-2020-213020263

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Short-Term Stockholder Rights Plan Adopted by Six Flags

 

March 31, 2020

 

GRAND PRAIRIE, Texas--(BUSINESS WIRE)-- Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that its Board of Directors (the “Board”) has approved the adoption of a short-term (one-year) stockholder rights plan (the “Rights Plan”) to protect stockholder interests, and maximize sustained value for all stockholders.

 

The company recently became aware of substantial activity in its stock. In addition, the Board has taken note that, in light of the COVID-19 pandemic and recent market events, there has been significant volume and volatility in the trading of company stock. The Board believes that the current trading price of company stock does not reflect the company’s intrinsic value. The Rights Plan is intended to enable the company’s stockholders to realize the long-term value of their investment, ensure that all stockholders receive fair and equal treatment in the event of any proposed takeover of the company, and to guard against tactics to gain control of the company without paying all stockholders an appropriate premium for that control. The Rights Plan applies equally to all current and future stockholders and is not intended to deter offers that are fair and otherwise in the best interest of the company’s stockholders.

 

The Rights Plan is similar to plans recently adopted by other publicly traded companies. The rights will initially trade with the company’s common stock and will generally become exercisable only if any person (or any persons acting as a group) acquires 10% (or 20% in the case of certain passive investors) or more of the company’s outstanding common stock (the “triggering percentage”). The Rights Plan does not aggregate the ownership of stockholders “acting in concert” unless and until they have formed a group under applicable securities laws. If the rights become exercisable, all holders of rights (other than any triggering person) will be entitled to acquire shares of common stock at a 50% discount or the company may exchange each right held by such holders for one share of common stock. Under the Rights Plan, any person who currently owns more than the triggering percentage may continue to own the shares of common stock but may not acquire additional shares without triggering the Rights Plan. The Rights Plan does not contain any dead-hand, slow-hand, no-hand, or similar feature that limits the ability of a future board of directors to redeem the rights.

 

The Rights Plan has a one-year term, expiring on March 30, 2021. The Rights Plan may also be terminated, or the rights may be redeemed, prior to the scheduled expiration of the Rights Plan under certain other circumstances.

 

Additional details regarding the Rights Plan will be contained in a Form 8-K to be filed by the company with the U.S. Securities and Exchange Commission.

 

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