Six Flags Shields Itself From Takeover With a One-Year Stockholder Rights Plan
Six Flags Entertainment (NYSE: SIX), like other amusement park companies, has taken a stock market drubbing since the start of the coronavirus pandemic, prompting it to announce the launch of a stockholder rights plan today. Its stock prices have plummeted 72% over the past 90 days, with the biggest drops occurring in March after COVID-19 began gaining ground rapidly in the U.S.
Quarantines and social distancing already caused the company to close its theme parks and water parks through April and half of May. Other steps to deal with the epidemic's fallout include shortening workers' hours or reducing the pay of salaried employees by 25%. Worker furloughs and further extension of the park closures remain possible, depending on developments.
Image source: Getty Images.
Source Fool.com
