Six Flags Entertainment Corp. (NYSE:SIX) shares are up on Thursday after the theme park said activist investor H Partners is increasing its beneficial ownership of its common stock to 19.9% from 14.9% in an original cooperation agreement.
“H Partners has been a constructive and important partner to the company,” Six Flags said Six Flags non-executive chairman Ben Baldanza. Arik Ruchim, a partner at H Partners and director on the Six Flags board, said he’s excited about the company’s effort to “deliver an exceptional guest experience and to drive sustainable, long-term earnings growth.”
Six Flags Entertainment Corporation is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. For 61 years, Six Flags has entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling waterparks and unique attractions.
Earlier, Six Flags shares fell in pre-market trades after the company reported third-quarter profit and revenue that missed expectations, as rising ticket prices led to a drop in attendance, which more than offset an increase in guest spending. Shares of Six Flags are down 55% in 2022, compared to a 21.4% loss by the S&P 500.
SIX shares were up $3.35, or 17.5%, Thursday to $22.49.