Six Flags Fires Back at Snyder, Goes on The Block

If Washington Redskins owner and former direct marketer Daniel Snyder wants control of struggling theme park operator Six Flags Inc., he may have to have to buy it outright, according to the company’s current board.

Six Flags’ board announced Thursday it is seeking bids for the company and that it is opposed to Snyder’s recently announced hostile effort to take control of the theme park operator. Snyder’s company, Red Zone LLC, aims to buy 23.2% of Six Flags’ stock. Snyder is already Six Flags largest shareholder with 11.7% of its outstanding shares.

Six Flags said it will invite Red Zone to bid “should Mr. Snyder have a serious interest in pursuing an acquisition of the entire company.” The company also said that it cannot guarantee this effort will result in a sale.

Snyder believes Six Flags’ marketing is skewed toward thrill-ride seeking teenagers at the expense of families and that, as a result, its stock has underperformed. In a statement filed with the Securities and Exchange Commission last week, Red Zone said it would implement more targeted, family friendly advertising.

“To implement our strategy, we would employ smart, cost-effective targeted advertising (including direct mail) and focus on mothers (with young children) as well as youth,” the company said.

Snyder would also replace Six Flags chief executive Kieran Burke, its chief finance officer and another board member, the filing said.