"Denny's will be purchased by private equity investment company TriArtisan Capital Advisors, investment firm Treville Capital and Yadav Enterprises, which is one of Denny's largest franchisees.Under the agreement, Denny's shareholders will receive $6.25 per share in cash for each share of Denny's common stock they own, or a total of $322 million. That represents a 52% premium to Denny's closing stock price Monday."
"Denny's was founded in 1953 in Lakewood, California, as Danny's Donuts. The name was changed to Denny's Coffee Shops in 1959 to avoid confusion with another chain. Denny's began trading on the New York Stock Exchange in 1969.Like many casual chains, Denny's saw its sales plummet during the COVID pandemic. Once the pandemic eased, it found itself dealing with changing customer dining patterns, including a heavier reliance on delivery."
Denny's is being acquired by investors led by TriArtisan Capital Advisors, Treville Capital and Yadav Enterprises in a transaction valuing the company at $620 million including debt. Shareholders will receive $6.25 per share in cash, totaling $322 million and representing a 52% premium to the closing stock price. The board unanimously approved the plan to take the chain private. Shares jumped 47% in after-hours trading. The chain operates 1,558 restaurants worldwide after acquiring Keke's in 2022, recently planned to close 150 low-performing locations, and faced pandemic-driven sales declines and shifting dining patterns toward delivery.
Read at Fast Company
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