On Wednesday the October 2, 2019, the Six Flags Entertainment Corporation made a nearly USD 4 billion cash and stock offer for its smaller rival, Cedar Fair LP. Within days, Cedar Fair rejected the offer as being inadequate, in part because of its unique structure as a master limited partnership. Many analysts expected another, higher offer for Cedar Fair from Six Flags. Even if another offer was not made, the question remains, what is Cedar Fair’s intrinsic value? Using year-end data, this case asks students to calculate the total enterprise value, and value of the partnership shares. The case provides an opportunity to discuss the unique structure of a publicly traded partnership.