23 November 2005
The next flag may be white
About 90 days ago, I mentioned that Washington Redskins owner Dan Snyder was planning a hostile takeover of Six Flags, Inc., the Oklahoma City-based theme-park operator.
Snyder apparently is going to go through with it; while his Red Zone LLC hasn't been amassing additional Six Flags stock, he's announced that he has secured 57 percent of the votes from shareholders for his slate of three board nominees. The new board would presumably then oust Chairman/CEO Kieran Burke and CFO James Dannhauser, after which former ESPN executive Mark Shapiro would replace Burke.
Six Flags had hoped to auction itself off in December, and is continuing to resist the Snyder plan. Shareholder votes will be in by the end of the year. I still believe that corporate headquarters will eventually be relocated, no matter who prevails in this struggle.Posted at 11:35 AM to City Scene