Carowinds parent rejects takeover deal

CHARLOTTE — Shares of Carowinds parent Cedar Fair dropped after word late Tuesday that the company has turned down a takeover offer from SeaWorld Entertainment.

[PAST COVERAGE: Carowinds owner weighs takeover bid from SeaWorld]

As previously reported, Cedar Fair had confirmed in early February that it was weighing an unsolicited bid from Orlando, Florida-based SeaWorld. The deal was said to value the company at about $3.4 billion, or $60 per share, according to a Bloomberg report at the time.

The Wall Street Journal reports now SeaWorld has confirmed that Cedar Fair rejected its offer. Cedar Fair declined to comment.

Read more here.

(Watch the video below: Carowinds owner weighs takeover bid from SeaWorld)