Six Flags Commences Mailing of Consent Revocation Statement; Urges Stockholders not to Sign any Consent Forms Received from Red
October 26 2005 - 4:20PM
Business Wire
Six Flags, Inc. (NYSE: PKS) today announced that it has commenced
the mailing of definitive consent revocation materials to its
stockholders in connection with Red Zone LLC's consent
solicitation. The Board of Directors of Six Flags has determined
that Red Zone's consent solicitation is not in the best interest of
Six Flags stockholders. Accordingly, the Company urges its
stockholders not to support the Red Zone proposals. Stockholders
should not sign Red Zone's white consent card. If stockholders have
previously signed a white consent card, they may revoke that
consent by immediately signing, dating and mailing the BLUE Consent
Revocation Card being sent to them. Stockholders may support their
current Board by signing, dating and mailing the BLUE Consent
Revocation Card as soon as they receive it. On August 25, 2005, the
Board announced that it had unanimously determined to seek
proposals from third parties regarding a sale of the Company in an
effort to obtain full and fair value for all shares. The sale
process is on target and moving forward according to plan. The
Board believes that Red Zone's consent solicitation, if successful,
would interfere with the Board's efforts to seek a sale of the
Company and believes that the replacement of the Company's senior
management and the abandonment or substantial modification of its
capital, marketing and other operating plans during the sale
process could have a negative effect on the Board's ability to
effect a transaction. Six Flags is also concerned that a change in
leadership could saddle the Company with management whose proposed
strategic and operational changes are misguided and demonstrate
significant lack of understanding of and experience in the theme
park business, thereby interfering with the Company's future
growth. Michael Gellert, presiding independent director of Six
Flags' Board of Directors, stated, "We are confident that our sale
process is the best way to deliver full and fair value to all Six
Flags stockholders. Unfortunately, Red Zone and Mr. Snyder have
chosen to proceed with their consent solicitation, which we
believe, if successful, would interfere with the sale process
initiated by the Board. We see Red Zone's consent solicitation and
proposed conditional partial tender offer, together with its stated
intention of taking over the senior management positions in the
Company, as part of an integrated plan to advance its own interests
by acquiring substantial influence and effective control of Six
Flags without providing a premium payment to stockholders for all
of their shares." Six Flags, Inc. is the world's largest regional
theme park company. Six Flags, Inc. and its directors may be deemed
to be participants in the solicitation of consent revocations from
stockholders of Six Flags. Information regarding the names of Six
Flags' directors and their respective interests in Six Flags by
security holdings or otherwise is set forth in Six Flags' proxy
statement relating to the 2005 annual meeting of stockholders,
which may be obtained free of charge at the SEC's website at
www.sec.gov and Six Flags' website at www.sixflags.com. Six Flags,
Inc. filed a Definitive Consent Revocation Statement on Schedule
14A with the SEC on October 25, 2005. Investors and security
holders are advised to read Six Flags' Definitive Consent
Revocation Statement and other materials filed by the Company
related to the consent solicitation, when available, because they
contain important information. Investors and security holders may
obtain a free copy of the Definitive Consent Revocation Statement
on Schedule 14A and all other related materials filed by the
Company with the SEC (when they are filed and become available)
free of charge at the SEC's website at www.sec.gov or by contacting
Mackenzie Partners, Inc., 105 Madison Avenue, New York, NY 10016,
1-800-322-2885. Six Flags, Inc. also will provide a copy of these
materials without charge on its website at www.sixflags.com. As
indicated above, the Company has commenced dissemination of the
Definitive Consent Revocation Statement on Schedule 14A to its
stockholders as of the date hereof. In response to the tender offer
by Red Zone, if and when commenced, Six Flags will file with the
SEC its recommendation to stockholders on Schedule 14D-9 regarding
the tender offer and any amendments thereto. Investors and security
holders are advised to read Six Flags' Solicitation/ Recommendation
Statement on Schedule 14D-9 when it is filed and becomes available
because it will contain important information. Investors and
security holders may obtain a free copy of the
Solicitation/Recommendation Statement on Schedule 14D-9 (when it is
filed and becomes available) free of charge at the SEC's website at
www.sec.gov. Six Flags, Inc. also will provide a copy of these
materials without charge on its website at www.sixflags.com.
Forward Looking Statements: The information contained in this news
release, other than historical information, consists of
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act.
These statements may involve risks and uncertainties that could
cause actual results to differ materially from those described in
such statements. These risks and uncertainties include, among
others, the costs of reviewing and responding to the unsolicited
offer and consent solicitation, and other impacts of the proposed
offer on Six Flags' operations. Although Six Flags believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors, including factors
impacting attendance, such as local conditions, events,
disturbances and terrorist activities, risks of accidents occurring
at Six Flags' parks, adverse weather conditions, general economic
conditions (including consumer spending patterns), competition,
pending, threatened or future legal proceedings and other factors
could cause actual results to differ materially from Six Flags'
expectations. Reference is made to a more complete discussion of
forward-looking statements and applicable risks contained under the
captions "Cautionary Note Regarding Forward-Looking Statements" and
"Business - Risk Factors" in Six Flags' Annual Report on Form 10-K
for the year ended December 31, 2004, which is available free of
charge on Six Flags' website at www.sixflags.com.
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