SANDUSKY, OHIO, December 16, 2009 -- Cedar Fair, L.P. (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, announced today that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Global Management, a leading global alternative asset manager.

Under the terms of the agreement, Cedar Fair unitholders will receive $11.50 in cash for each Cedar Fair limited partnership unit that they hold, representing a 43% premium over Cedar Fair’s volume weighted average closing unit price over the past 30 days and a 28% premium over the closing unit price on December 15, 2009. The transaction is valued at approximately $2.4 billion, including the refinancing of the Company’s outstanding indebtedness. Affiliates of J.P. Morgan, B of A Merrill Lynch, Barclays Capital Inc., UBS Investment Bank and KeyBanc Capital Markets have provided an aggregate $1.95 billion financing commitment in support of the transaction.

The board of directors of Cedar Fair has unanimously approved the merger agreement and has resolved to recommend that Cedar Fair limited partnership unitholders adopt the agreement.
Cedar Fair’s chairman, president and chief executive officer, Dick Kinzel, said, “We have considered a wide range of strategic alternatives over the past several years. After considering these strategic alternatives, we have concluded that the transaction with Apollo is in the best interest of our unitholders.”

“This transaction allows Cedar Fair unitholders to realize significant value from their investment in our Company over recent trading levels,” added lead director, Michael Kwiatkowski. “Apollo has a strong track record of growing businesses, and its desire to add Cedar Fair to its portfolio serves as a testament to our solid business model and the talent of our people.”

Aaron Stone, a Senior Partner at Apollo, said, “We are extremely pleased to be acquiring this premier amusement park operator. We look forward to partnering with Cedar Fair’s management team and employees to build on the many strengths of the Company. We are firmly committed to Cedar Fair’s continued growth as an industry leading amusement park operator.”

Transaction Details
The merger is conditioned upon, among other things, the approval of holders of two-thirds of Cedar Fair’s outstanding units, the receipt of regulatory approvals and other closing conditions. Assuming the satisfaction of these conditions, the transaction is expected to close by the beginning of the second quarter of 2010. The merger agreement does not include a financing condition. Upon completion of the merger, Cedar Fair will become a private company, wholly-owned by an affiliate of Apollo Global Management.
Under the terms of the merger agreement, Cedar Fair may solicit alternative proposals from third parties for 40 days and will consider any such proposals. There can be no assurance that the solicitation of such proposals will result in an alternative transaction. In addition, Cedar Fair may, at any time, subject to the terms of the merger agreement, respond to unsolicited proposals.

Rothschild Inc. and Guggenheim Securities, LLC are the Company’s financial advisors, and Weil, Gotshal & Manges LLP and Squire, Sanders & Dempsey are its legal advisors. Wachtell, Lipton, Rosen & Katz and O’Melveny & Myers LLP acted as legal advisors and B of A Merrill Lynch, J.P. Morgan, Barclays Capital Inc., and UBS Investment Bank acted as financial advisors to Apollo Global Management in connection with the transaction.

About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the Company’s northern region include two in Ohio: Cedar Point, consistently voted “Best Amusement Park in the World” in Amusement Today polls and Kings Island; as well as Canada’s Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan’s Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott’s Berry Farm; California’s Great America; and Gilroy Gardens, which is managed under contract.

About Apollo Global Management
Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Singapore, Frankfort and Mumbai. Apollo had assets under management of over $51 billion as of September 30, 2009, in private equity, credit-oriented capital markets and real estate invested across a core group of nine industries where Apollo has considerable knowledge and resources.

Forward-Looking Statements
Some of the statements contained in this news release (including information included or incorporated by reference herein) may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company’s expectations, beliefs and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond the Company’s control and could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors could adversely affect the Company’s future financial performance and cause actual results to differ materially from the Company’s expectations, including uncertainties associated with the proposed sale of the Company to an affiliate of Apollo Global Management, the anticipated timing of filings and approvals relating to the transaction, the expected timing of completion of the transaction, the ability of third parties to fulfill their obligations relating to the proposed transaction, the ability of the parties to satisfy the conditions to closing of the merger agreement to complete the transaction and the risk factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the “SEC”). Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company’s Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information About This Transaction
This news release may be deemed to be solicitation material in respect of the proposed transaction. In connection with the proposed transaction, the Company will file with, or furnish to, the SEC all relevant materials, including a proxy statement on Schedule 14A. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC, INCLUDING THE COMPANY’S PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy statement will be mailed to unitholders of the Company. Investors and security holders will be able to obtain the proxy statement (when available) and other documents filed by the Company free of charge from the SEC’s website, U.S. Securities and Exchange Commission (Home Page) The Company’s unitholders will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Investor Relations, Cedar Fair, L.P., One Cedar Point Dr., Sandusky, OH 44870, telephone: (419) 627-2233, or from the Company’s website, Cedar Fair Entertainment Company.

The Company and its directors and executive officers and certain other members of its management and employees may be deemed to participate in the solicitation of proxies in respect of the proposed transaction. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with, or furnished to, the SEC when they become available.

Cedar Fair Entertainment Company

Mifflin, PA – Kennywood is proud to announce the addition of a seventh roller coaster for the 2010 season! Joining the ranks of the Lil’ Phantom, Exterminator, Jack Rabbit, Racer, Thunderbolt, and Phantom’s Revenge, the new Linear Synchronous Motor (LSM) launch roller coaster is unlike any other roller coaster at Kennywood.

“This roller coaster will provide a thrilling new experience for coaster lovers at Kennywood,” explains General Manager Jerome Gibas. “The use of LSM launch technology will allow riders to blast from 0 to 50mph in three seconds and offers our first roller coaster with inversions since the Steel Phantom.”

Kennywood’s new launch coaster will feature many exciting and unique features including three inversions and a 0-50mph launch in three seconds! After the high-speed launch, riders will experience a vertical ascent to 95ft before a brief cliffhanger pause at the top and a 90-degree drop into a maximum G-force pullout. The riders then enjoy extended airtime as the train races into an inverted top hat element, passes into a barrel roll and goes vertical again through a twist up leading to another pause.

Riders experience a second vertical free fall followed by another maximum G-force pullout on the way into a highly banked fan curve. After a traditional corkscrew, a curve to a zero gravity hill, and a series of wave turns, riders finally return to the station.

The new roller coaster will be placed in the current location of the Turnpike, a ride that has been at Kennywood since 1966. Guests will only have to say ‘see you later’ to the Turnpike since plans are already underway to bring back the ride in the near future. The Turnpike’s final day of operation will be Aug. 16, 2009.

Kennywood’s new launch coaster is proudly built in the U.S.A. by Premier Rides of Millersville, Maryland.

The project is expected to be complete in May of 2010. Official coaster name and logo information will be released in the coming weeks. See Make a New Memory at Kennywood Park, Pittsburgh PA for a preview video and updates.

After many months the rumors are now true. Cypress Gardens is now closed for the rest of this year and possibly forever. Here is the press release that was posted today on the Cypress Gardens website.

From the earliest moment that our firm purchased Cypress Gardens and Splash Island Waterpark, our highest priority has always been to maintain the park’s beauty and protect its proud traditions as a mainstay of the State’s history and natural treasures. It is with these ideals in mind that we must announce that the park will be closed for business as of Wednesday, September 23, 2009.

During the last two years, Land South Adventures, LLC, has explored numerous management frameworks and exhausted every possible approach to keep the park running in its traditional form. Now, we are in the process of negotiating with several potential purchasers and lessees for all or part of the property, and do not feel it is fair to our employees, the guests, or the public to continue operations heading into the fall with the future of the property in flux. We are optimistic that the outcome will be in the best interests of both the park and the residents of Polk County and the State of Florida.

"The largest ride at Six Flags Kentucky Kingdom is coming down.

The park began dismantling Chang on Monday as part of the largest water park expansion in Kentucky Kingdom's history.

Kentucky Kingdom spokeswoman Caroline McClean said it is expected to take several weeks to completely remove the roller coaster.

Chang is over 4,000 feet long, 154 feet high and has broken five world records. The stand-up coaster was introduced at the park in 1997.

Six Flags is giving Chang to another amusement park.

McClean said Chang is the only ride being removed at this time."

News Source

Details about the new water park have not been released.

"The Genesee County’ Sheriff’s Office is investigating a death within the parking areas at Darien Lake Theme Park.

William ‘Billy’ Sutherland, 33, of Bradford, Pa., was found deceased early Sunday in Sunshine Lake, a small body of water at the theme park.

The investigation is continuing, however the incident does not appear to be suspicious, the Sheriff’s Office said.

Sutherland had attended the Toby Keith concert at Darien Lake Performing Arts Center with friends Friday night. After the concert ended, Sutherland became separated from friends, who spent several hours trying to locate him before returning to Pennsylvania.

When Sutherland failed to return home or contact them, his family and friends returned to Darien Lake Theme Park Saturday, where they reported him missing to the Genesee County Sheriff’s Office and continued their search.

During the course of the investigation and subsequent interviews, the search was focused in the area around and including Sunshine Lake, the Sheriff’s Office said.

Scuba divers located Sutherland’s body after 1:30 a.m. Sunday in the water.The Sheriff’s Office was assisted by the staff at Darien Lake, the Darien Volunteer Fire Department, the Alden Volunteer Fire Department’s Water Rescue Team and the Genesee County Office of Emergency Management."

News Story