Cedar Fair Investor Sues Over $2.4B Sale To Apollo

Law360, New York (January 21, 2010, 4:47 PM EST) -- A Cedar Fair LP shareholder has filed a putative class action in an attempt to block affiliates of private equity firm Apollo Investment Corp. from buying the amusement park owner for $2.4 billion, arguing that the offer severely undervalues the company.

The suit — filed Wednesday in the Delaware Chancery Court by shareholder Ruth Walton — accuses Cedar Fair and its board of directors of breaching their fiduciary duty to investors and claims that Apollo Global Management LLC aided and abetted that breach.

According to the...
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