I do not believe this to be a good thing for the attractions in question, a point I have raised before.
Floatation is a great way to bring in quick revenue, and that 3bn marker, you get a sense of how Blackstone have thrown money into Merlin parks, to create an impression of high quality attractions resulting in a higher floatation value.
It is clear how they have the money they have, this is very clever investment indeed! Maximising their position, to gain better value and stronger purchase power (Tesco example), giving rise to actual value being that far higher than actual monetary investment!
However if this goes through, our beloved parks will be even more at the behest of investors/shareholders, and what becomes important will without doubt change. Financial rewards, are the main reason people buy shares in companies. If the stock market falters, investors loose faith and sell up fast, there are so many more potential downfalls for the parks in this situation - that results in the success of the business, not only being purely based upon its performance alone.
I also believe they will use a fair chunk of this income, to continue aggressive expansion, raising the share price further, resulting in further confidence from the market to bring these shares in larger numbers into portfolios. However at this point, expectations of returns will be greater, and again you are even more at the mercy of the general economy than when you are insulated company away from it.
How many privately owned Premier League clubs, by genuinely wealthy owners, are floated? Generally they are taken off the market with compulsory buy back schemes, such as Aston Villa was - ask yourself why? Surely if the stockmarket was the best way to increase the clubs value, when you already have wealth behind you, these would still be on the market?
Man Utd.... laden with Glazier debt, some of their other investments get rocky, what happens? They float again - now it can make sense in some cases to go through this process, especially something like Man Utd with their global reach.
What about the others though? The reason they are taken off is because owners want control, not to have to explain themselves or indeed, pay out, to shareholders - and to shield it from other extraneous factors.
The Stock Market is a posh way to gamble. It has its uses, but the logic other than out and out money making/aggressive expansion, makes little sense to me.
I hope it doesn't happen.