Denny's to be acquired and taken private in a deal valued at $620 million

Denny's is being acquired by a group of investors, including private equity firm TriArtisan Capital Advisors, investment firm Treville Capital, and Yadav Enterprises, one of Denny's largest franchisees, in a deal valued at $620 million including debt. This acquisition will take the breakfast chain private. The Denny's board of directors has unanimously approved the deal, which offers Denny's shareholders $6.25 in cash for each share of common stock, totaling $322 million for the equity. This price represents a 52% premium over Denny's closing stock price on the day the acquisition was announced. Denny's shares saw a significant increase of 47% in after-hours trading following the announcement. Denny's, founded in 1953, has faced challenges in recent years, including declining sales during the COVID-19 pandemic and subsequent shifts in customer dining habits. The company has also struggled to adapt to evolving consumer preferences for healthier breakfast options. At the end of the second quarter, Denny's operated 1,558 restaurants worldwide, including its namesake brand and the Keke's brand, which it acquired in 2022. Denny's CEO Kelli Valade stated that the company had approached ... download the app to read more