08-31-2004, 09:46 PM
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The Starter
Join Date: Feb 2004
Location: Columbia, MD
Age: 44
Posts: 1,034
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Dannyworld
Snyder buys 8.15 million shares of Six Flags
Quote:
LOS ANGELES (Reuters) - The owner of the Washington Redskins football team has bought an 8.8 percent stake in Six Flags Inc., saying he wants change. Microsoft's Bill Gates also said he owns a big stake and may work with other investors to improve results at the theme park operator.
Shares of Six Flags Inc. (PKS: up $1.11 to $5.57, Research, Estimates), under pressure for weeks due to slipping attendance, rose more than 20 percent Tuesday. They have fallen by nearly half from their 52-week high in March of $8.80. They traded above $41 in May 1999.
Redskins owner Daniel Snyder said in a Monday filing with the Securities and Exchange Commission that he has bought 8.15 million Six Flags shares for about $34.5 million since Aug. 11 and may buy more.
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