- August 25th, 2005, 9:22 am
#14156
Thursday August 25, 8:00 am ET
NEW YORK--(BUSINESS WIRE)--Aug. 25, 2005--Six Flags, Inc. (NYSE: PKS - News) today announced that the company's Board of Directors has unanimously determined to seek proposals from third parties regarding a possible sale of the company. The process initiated by the Board is designed to result in the receipt of full and fair value by all Six Flags stockholders for all of their shares. if
Six Flags intends to pursue a prompt and orderly auction process, and will invite Red Zone LLC, the investment vehicle managed and controlled by Mr. Daniel Snyder, to participate in the process, should Mr. Snyder have a serious interest in pursuing an acquisition of the entire company.
The Board of Directors has also unanimously determined to oppose Red Zone's attempt to gain effective control of the company through its previously announced intention to initiate a consent solicitation and partial tender offer for Six Flags stock, if and when that consent solicitation and offer are commenced. If Red Zone commences a consent solicitation, the Board urges Six Flags stockholders not to sign any consent form they may receive from Red Zone and will request that stockholders revoke any consent they may give.
Michael Gellert, presiding independent director of Six Flags' Board of Directors, stated, "The Board believes that initiating a sale process at this time is the best way to deliver full and fair value to all Six Flags stockholders, particularly in light of the recent strong, broad-based performance of Six Flags' parks and the proposed actions by Red Zone, which is seeking to acquire effective control of the Company without providing value to all stockholders. Whether or not Red Zone participates in our auction process, we certainly hope it will not take any action which would impede our ability to maximize value for all stockholders."
Kieran Burke, chairman and CEO of Six Flags, said, "Our management team continues to implement a comprehensive strategy for improving performance based on investment in new attractions, enhanced guest services, and a well-received marketing campaign. We have seen strong evidence of the soundness of this strategy with sharply improved performance this year, evidenced by our improved revenues and attendance during the second quarter, and year to date park revenues pacing ahead of prior year at virtually all of our parks. We will remain focused on continuing this momentum as we conduct the sale process and head into the last part of our peak summer season."
The Company noted that there can be no assurance that any sale or other transaction will result from this effort or as to the terms thereof.
Six Flags, Inc. is the world's largest regional theme park company.
Additional Information:
Six Flags, Inc. and its directors may be deemed to be participants in the solicitation of consent revocations from stockholders of Six Flags. Information regarding the names of Six Flags' directors and their respective interests in Six Flags by security holdings or otherwise is set forth in Six Flags' proxy statement relating to the 2005 annual meeting of stockholders, which may be obtained free of charge at the SEC's website at http://www.sec.gov and Six Flags' website at http://www.sixflags.com.
Six Flags, Inc. intends to file a Consent Revocation Statement on Schedule 14A with the SEC. Investors and security holders are advised to read Six Flags' Consent Revocation Statement, when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the Consent Revocation Statement on Schedule 14A (when filed) free of charge at the SEC's website at http://www.sec.gov. Six Flags, Inc. also will provide a copy of these materials without charge on its website at http://www.sixflags.com.
In response to any tender offer that may be commenced by Red Zone or any affiliate thereof, Six Flags will file with the SEC its recommendation to stockholders on Schedule 14D-9 regarding the tender offer and any amendments thereto. Investors and security holders are advised to read Six Flags' Solicitation/Recommendation Statement on Schedule 14D-9, if and when it is filed and becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the Solicitation/Recommendation Statement on Schedule 14D-9 (if and when it is filed and becomes available) free of charge at the SEC's website at http://www.sec.gov. Six Flags, Inc. also will provide a copy of these materials without charge on its website at http://www.sixflags.com
NEW YORK--(BUSINESS WIRE)--Aug. 25, 2005--Six Flags, Inc. (NYSE: PKS - News) today announced that the company's Board of Directors has unanimously determined to seek proposals from third parties regarding a possible sale of the company. The process initiated by the Board is designed to result in the receipt of full and fair value by all Six Flags stockholders for all of their shares. if
Six Flags intends to pursue a prompt and orderly auction process, and will invite Red Zone LLC, the investment vehicle managed and controlled by Mr. Daniel Snyder, to participate in the process, should Mr. Snyder have a serious interest in pursuing an acquisition of the entire company.
The Board of Directors has also unanimously determined to oppose Red Zone's attempt to gain effective control of the company through its previously announced intention to initiate a consent solicitation and partial tender offer for Six Flags stock, if and when that consent solicitation and offer are commenced. If Red Zone commences a consent solicitation, the Board urges Six Flags stockholders not to sign any consent form they may receive from Red Zone and will request that stockholders revoke any consent they may give.
Michael Gellert, presiding independent director of Six Flags' Board of Directors, stated, "The Board believes that initiating a sale process at this time is the best way to deliver full and fair value to all Six Flags stockholders, particularly in light of the recent strong, broad-based performance of Six Flags' parks and the proposed actions by Red Zone, which is seeking to acquire effective control of the Company without providing value to all stockholders. Whether or not Red Zone participates in our auction process, we certainly hope it will not take any action which would impede our ability to maximize value for all stockholders."
Kieran Burke, chairman and CEO of Six Flags, said, "Our management team continues to implement a comprehensive strategy for improving performance based on investment in new attractions, enhanced guest services, and a well-received marketing campaign. We have seen strong evidence of the soundness of this strategy with sharply improved performance this year, evidenced by our improved revenues and attendance during the second quarter, and year to date park revenues pacing ahead of prior year at virtually all of our parks. We will remain focused on continuing this momentum as we conduct the sale process and head into the last part of our peak summer season."
The Company noted that there can be no assurance that any sale or other transaction will result from this effort or as to the terms thereof.
Six Flags, Inc. is the world's largest regional theme park company.
Additional Information:
Six Flags, Inc. and its directors may be deemed to be participants in the solicitation of consent revocations from stockholders of Six Flags. Information regarding the names of Six Flags' directors and their respective interests in Six Flags by security holdings or otherwise is set forth in Six Flags' proxy statement relating to the 2005 annual meeting of stockholders, which may be obtained free of charge at the SEC's website at http://www.sec.gov and Six Flags' website at http://www.sixflags.com.
Six Flags, Inc. intends to file a Consent Revocation Statement on Schedule 14A with the SEC. Investors and security holders are advised to read Six Flags' Consent Revocation Statement, when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the Consent Revocation Statement on Schedule 14A (when filed) free of charge at the SEC's website at http://www.sec.gov. Six Flags, Inc. also will provide a copy of these materials without charge on its website at http://www.sixflags.com.
In response to any tender offer that may be commenced by Red Zone or any affiliate thereof, Six Flags will file with the SEC its recommendation to stockholders on Schedule 14D-9 regarding the tender offer and any amendments thereto. Investors and security holders are advised to read Six Flags' Solicitation/Recommendation Statement on Schedule 14D-9, if and when it is filed and becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the Solicitation/Recommendation Statement on Schedule 14D-9 (if and when it is filed and becomes available) free of charge at the SEC's website at http://www.sec.gov. Six Flags, Inc. also will provide a copy of these materials without charge on its website at http://www.sixflags.com
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