| Yet Another Six Flags investor says wrong time to sell!
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Reuters
Six Flags investor says not time to sell
Wednesday November 2, 6:54 am ET
WASHINGTON (Reuters) - Diaco Investments LP, which holds a [b]9.8 percent stake[/b] in theme park operator Six Flags Inc. (NYSE:PKS - News), said in a regulatory filing on Wednesday that this is the wrong time to put the company up for sale.
Diaco said it intends to grant its consent in favor of Red Zone LLC, an investment firm owned by Washington Redskins football team owner Daniel Snyder.
In August, Six Flags put itself up for sale after Snyder said he was seeking to replace the company's chairman and chief executive and to raise his stake to 34.9 percent from 11.7 percent.
Snyder had offered to pay $6.50 a share to increase his stake in Six Flags, which operates 30 theme parks that include amusement rides, water parks and safaris.
Six Flags shares closed Tuesday New York Stock Exchange trade at $7.36.
Diaco said in the filing with the U.S. Securities and Exchange Commission that it believes in Red Zone's ability to enhance Six Flags' share value.
Six Flags said last week that it had sent consent revocation materials to shareholders in connection with Red Zone's plan to try to change the company's management.
It said Red Zone's proposal was not in the best interest of shareholders.
Six Flags has said it set an early-November deadline for potential suitors to submit initial takeover offers, with the aim of finding a buyer by year-end.
Diaco, which owns 9.09 million shares of Six Flags' common stock, said in the filing that it may engage in discussion with management, the board of directors and shareholders about the business, operations, board composition, management strategy and future plans of Six Flags.
It may also buy or sell additional shares, engage in hedging, seek board representation, and encourage Six Flags to pursue strategic transactions.
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Yet another investor has stepped up to the plate to challenge Kieran Burke's position. If more investors come out of the shadows and toss their support behind Red Zone, the tides may turn for Mr. Daniel Snyder!
__________________ ThrillNetwork Editor (past tense: lectricShark) Never forget justice is what love looks like in public. -- OXFAM COLDPLAY - The Viva La Vida Tour 2008 | Houston, TX :: 11.18.2008
And in the end we lie awake and we dream of making our escape.
Last edited by James R; 11-02-2005 at 11:13 PM..
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