Blackstone Cedes SeaWorld Control In Latest Stake Sale

Law360, New York (November 20, 2013, 11:20 AM EST) -- New York investment giant The Blackstone Group LP on Wednesday outlined plans to sell another 15 million shares in SeaWorld Entertainment Inc., a move that winds down its stake enough to strip it of control over the theme park operator.

The latest stock sale hacks Blackstone's holding from 63 percent to 46 percent, excluding an underwriter option that the firm holds. Without a majority shareholder, Florida-based SeaWorld will no longer be a "controlled company" under securities guidelines, forcing it to reshuffle its board to ensure most...
To view the full article, register now.