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Kennywood Sale Not a Sure Thing

Although a sale of the park was announced on December 11, 2007, many of the park’s owners state they are confused by the announcement. It appears the shareholders merely authorized Parques Reunidos of Madrid, Spain to look at the books and present an offer.

Kennywood Entertainment is owned by the 76 descendants of the amusement park's two families that founded the park in 1906: The Henningers and McSwigans.

Any sale of Kennywood Entertainment has to be approved by a super-majority, not just 51% of the shareholders. Kennywood executives would not spell out its super-majority threshold, but for publicly held corporations, a "super-majority" typically means 66 percent or 75 percent.

Although they agreed to entertain an offer, many of the company’s owners do not want to sell. Parques Reunidos is still going over the books and expects to make a final offer in about four weeks. Kennywood Park is set to open for the season on May 3.

Contacts
* Lee Ann Draud
Publications Director
* Rus Ozana
ACE News Now Editor

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