Six Flags Shares Rise on WSJ Report of Activist Jana Partners Urging Sale

Dow Jones
5 hours ago
 
 

Shares of Six Flags Entertainment rose after The Wall Street Journal reported that activist hedge fund Jana Partners is pushing for the amusement-park operator to explore a sale.

Shares rose 5% to $12.91 in after-hours trading on Tuesday. The stock closed at $12.30, down 0.7% for the day and 20% this year.

Jana was disappointed in the company's second-quarter earnings, which included a wider loss of $202.6 million, the Journal reported, citing people familiar with the matter. The hedge fund on Tuesday asked the company's board to hire an investment bank to explore a sale, according to the report.

Last fall, Jana and other investors, including Kansas City Chiefs tight end Travis Kelce, together acquired a roughly 9% stake in the company, according to the Journal. The activist pushed the company to modernize its technology and improve its marketing and parks experience.

 
 

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10