Courts are not in the position of determining market value (thank god), only if offenses are committed. If there's no evidence pointing at collusion, there's no reason not to allow the sale to go through, assuming the sale gets approved by stockholders. No evidence of collusion and no larger offers = that's what Cedar Fair may actually be worth.
One of the arguments against selling now is that the economy will rebound in 2010, and the value of Cedar Fair will go up. That's a big if. If Cedar Fair bets on black again and the economy comes up double zeros for the 3rd year in a row, it could be ruinous.
True, but. It may be like Kinzel and the management team that owns unit shares are planning to make up any losses in share value from the sale by keeping their jobs. If they have enough shares between them they could get this through. But the little matter of fiduciary duty could bite them. As board members they are to do what is best for ALL shareholders. So that may be a conflict of interest. This could get interesting.