Business Law Prof Blog: Redskins Owner Ups His Bet on Six Flags

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August 18, 2005

Redskins Owner Ups His Bet on Six Flags

Six Flags Inc. (NYSE: PKS) rose Thursday after Red Zone LLC, its largest shareholder, made a tender offer to buy up to 34.9% of the outstanding stock, up from its current 11.7% stake. Red Zone LLC is owned by Dan Snyder, the current owner of the Washington Redskins NFL team. Red Zone LLC has offered to pay $6.50 a share.

In order to get the tender offer through, Snyder's Red Zone LLC needs to capture three board seats on Six Flags. Snyder apparently intends to fill one seat with himself and the other with Red Zone Chief Executive and former Walt Disney Exec. Mark Shapiro. Snyder's goal is to oust Six Flags Chief Kieran Burke and CFO James Dannhauser, and rebrand the company and sell off some of its real estate.

Currently the stock is trading at $6.49. Investors appear to believe that Snyder will be able complete his offer.

August 18, 2005 | Permalink

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