Six Flags on the auction block

[mranderson]

... Literally.

The executive staff of Six Flags announced they will auction the company to the highest bidder in a effort to stop a hostile takeover bid. They said the move should give shareholders the best value for their investment.

What do you think of this move? How do you think it will effect the Oklahoma City headquarters?

[swake]

It's gone

[mranderson]

More Information
Six Flags for sale


By Paul Monies
The Oklahoman

Oklahoma City-based Six Flags Inc. put itself up for sale Thursday, a week after Washington Redskins owner Dan Snyder proposed a management shake-up.
The theme-park chain said its board of directors unanimously decided to “pursue a prompt and orderly auction process” and invited Snyder’s Red Zone LLC investment vehicle to bid on the company. Red Zone is Six Flags’ largest shareholder, with an 11.7 percent stake.

Six Flags shares zoomed higher on the news, gaining 63 cents to $7.17 in morning trading on the New York Stock Exchange.

Snyder last week made a proposed tender offer to existing stockholders to buy 22 million shares at $6.50 a share, which would increase his stake to 35 percent. But his offer is contingent on shareholders agreeing to dump top Six Flags executives, including Chief Executive Officer Kieran Burke and Chief Financial Officer James Dannhauser.

In their place, Snyder would nominate himself as board chairman and outgoing ESPN programming executive Mark Shapiro as chief executive officer. Virginia homebuilding magnate Dwight Schar also was mentioned as a possible replacement for current director Stanley Shuman.

In a statement, Six Flags independent director Michael Gellert advised shareholders to dismiss Snyder’s bid for control of the company.






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[windowphobe]

If you look at their press release to investors, you'll see that the financial people are all in New York.

I suspect the rest of the officers will follow once the sale is finalized.

[pdjr]

I abhor poison pills. While I would prefer an OK-based owner, the shareholders deserve the best return on equity available, be that with OK-based mgmt or not.

[Patrick]

Personally I don't mind Six Flags being bought out, and I don't mind the HQ moving, if it means improvements to Frontier City. Currently, Six Flags isn't doing anything with our theme parks.

[Dungeon Master]

I agree Patrick. I had an interview with the maintenance supervisor a while back. He said they had a nice budget set aside to improve Frontier City. As for their maintenance shop, it sure could use some help (along with the rest of the park). I applied for one of the mechanic slots but I guess I was asking too high of a salary. The way I look at it, you get what you pay for and going skimpy on pay for mechanics to work on the rides to keep them safe, I just don't see it. Each park heavly depends on safe and accident free rides, especially the ones lifting you off the ground. Next time you look at a roller coaster, keep in mind someone getting paid $8.00 an hour inspected or worked on that thing. That's in line with the carnies.

Nice pig by the way. Is that "Pigs on the Wing"?