Six Flags Entertainment Corporation (FUN) saw its stock surge 5.26% in pre-market trading on Thursday, following an announcement from activist investor Jana Partners regarding changes in their Six Flags investor group.

Jana Partners, which along with its partners collectively owns an economic interest of approximately 9% in Six Flags, revealed that Dave Habiger has de-grouped from the Jana-led investor group. This move is intended to enable Habiger to pursue a complementary opportunity involving the company. The market appears to be reacting positively to this development, possibly anticipating potential changes in Six Flags' strategy or management.

This shake-up in the investor group comes amid ongoing shareholder activism related to Six Flags. Jana Partners, founded by Barry Rosenstein in 2001, is known for investing in undervalued public companies and engaging with management teams and boards to unlock shareholder value. The pre-market stock movement suggests that investors are optimistic about the potential outcomes of Jana's involvement and the new opportunity that Habiger is pursuing.