PITTSBURGH (KDKA) — Kennywood may be coming under new ownership, according to a report from the Pittsburgh Post-Gazette.

The Post-Gazette reports a takeover bid worth over $700 million is in the works for the theme park’s current operator, the Madrid-based Parques Reunidos.

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The investment vehicle Piolin Bidco reportedly launched a takeover bid Friday valued at $15.59 per share, plus a premium of 29 percent.

The investment vehicle is comprised of three firms: EQT, Miles Capital and Alba Europe. Miles Capital already owns about 44 percent of Parques Reunidos shares, reports the Post-Gazette.

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Piolin Bidco made its offer for the remainder of the shares, which would effectively make it Kennywood’s new owner.

The theme-park operator Parques Reunidos purchased Kennywood, Idlewild and Sandcastle Water Park for an estimated $200 million in 2007, according to the Post-Gazette. The company currently operates 61 theme parks in 14 countries.

Parques Reunidos says its board will meet to discuss the offer.

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They also issued a statement regarding the takeover bid. It can be viewed here.