Legoland Windsor could finally get the upgrade and refurb it so desperately needs, as the private equity fund operated on behalf of the Lego founders' family has agreed to buy the Merlin Entertainments group - which includes the share of Legoland not now under the control of the Lego dynasty.
The offer price of 455 pence represents a 31% premium to Merlin's average stock price for the six months before May 22, when its second-largest shareholder, ValueAct Capital, penned an open letter arguing the company should be taken private to allow it to ramp up investment and pay its executives more. Kirkbi already owns a stake of almost 30%.
Merlin also owns London's Eye Ferris wheel and theme parks such as Alton Towers and Chessington Adventure in Britain, Italy's Gardaland and Heide Park in Germany.
Merlin went public in 2013.
The buyout was a huge relief to Merlin's investors who have endured extreme stock volatility in recent years as a result of terrorist attacks on major tourist attractions rattling business at Merlin's various subsidiaries.
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In a statement, Ryan Selwood, CPPIB's Head of Direct Private Equity called Merlin a world-class operator of themed attractions and entertainment and said the business "aligns well with CPPIB's long-horizon investment strategy". Merlin shares rose 14% to 450p at 08:35 BST.
In addition to 21 Madame Tussauds worldwide - headed by a flagship in Times Square - Merlin owns eight Legolands in locations ranging from California to Malaysia. Since the series of terrorist attacks in the United Kingdom, the company's shares have fallen 45 percent from its high point in 2017.
Merlin chairman John Sunderland said Merlin directors find Kirkbi's offer a better opportunity to realize value for Merlin shareholders at an impressive valuation.
"The company has generated meaningful value since its IPO, with significant growth in revenue, earnings and cash flow".
Edinburgh Dungeon owner Merlin Entertainments has agreed to a near-£5 billion takeover from Lego's owners, a private equity giant and a Canadian pension fund. In January, the company announced that it was in the advanced stages of talks regarding numerous potential sites for Legoland Parks in the country.