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Cedar Fair LP, the owner of Dorney Park, rejected a $4 billion cash-and-stock offer from Six Flags Entertainment Corp, Reuters reported Friday.

Six Flags offered to acquire Cedar Fair for around $70 per share, to be paid for mostly by using Six Flags shares as currency, the report said. It would also be funded by a small cash component. Cedar Fair said the bid was too low, Reuters reported, citing unnamed sources.

Six Flags had offered Cedar Fair executives roles in the management of the combined company.

The sources told Reuters there was no indication that Six Flags will counter with a new offer.