Six Flags Entertainment (NYSE:SIX) tumbled in midday trade on Wednesday after CEO Jim Reid-Anderson said on an earnings call that the company was not in merger talks.
Reuters reported earlier this month that the company had made a $4 billion cash and stock takeover bid to Cedar Fair (NYSE:FUN).
The news caused shares of the entertainment group to slump nearly 12%. Six Flags was already trading in the red after its third-quarter earnings came in below estimates, as park-goers spent less.
Six Flags reported earnings per share of $2.11 on revenue of $621 million.
