DealLawyers.com Blog

August 26, 2005

Six Flags Battle Heating Up!

Check out the Six Flags’ Preliminary Consent Revocation Statement filed yesterday -goodbye gloves and let’s get ready to rumble! These are fighting words in that SEC filing:

“Despite Red Zone’s claim that it no longer had an interest in a continued investment in the Company, as disclosed in Red Zone’s consent solicitation materials, Red Zone continued to consider various alternatives with respect to its investment, including seeking Board representation and/or a potential business combination between the Company and itself or certain of its affiliates.

Although not disclosed by Red Zone in any amendment to its Schedule 13D filed with the SEC, on June 7th, Red Zone engaged UBS Securities to act as its financial advisor with respect to its consideration of various financial strategies involving refinancings, recapitalizations or a business combination involving the Company. At no time after Mr. Snyder’s January 14, 2005 letter did Mr. Snyder approach the Board or management to discuss further any proposals for improving the Company’s performance or engaging in any extraordinary transactions involving the Company.” It’s gonna be a wild ride . . . .