Denny’s Agrees to $620 Million Take-Private Deal
After reaching out to more than 40 potential bidders, Denny’s has agreed to a take-private deal valued at $620 million, including debt. The board of directors approved the proposal unanimously, marking a major shift for the longstanding breakfast chain.
Details of the Acquisition
The company will be acquired by a consortium that includes TriArtisan Capital Advisors, Treville Capital, and Yadav Enterprises—one of Denny’s largest franchise operators. Under the terms of the deal, shareholders will receive $6.25 per share in cash, totaling about $322 million and reflecting a 52% premium over Monday’s closing price. Following the announcement, Denny’s stock surged 47% in after-hours trading.
Operational Background
Founded in 1953 in Lakewood, California, as Danny’s Donuts, the chain later became Denny’s Coffee Shops in 1959 to differentiate itself from a similar brand. Denny’s began trading publicly on the New York Stock Exchange in 1969. At the end of the second quarter, it operated 1,558 restaurants worldwide.
Business Challenges and Strategy
Like other casual dining chains, Denny’s faced severe downturns during the COVID-19 pandemic and has continued to adjust to post-pandemic shifts in dining habits, with customers leaning more toward delivery and health-focused menus. In fall 2024, Denny’s announced plans to close 150 of its lowest-performing locations.
“Denny’s board unanimously approved the deal, which values Denny’s at $620 million including debt.”
Industry analysts see this move as part of a broader trend among restaurant operators reassessing their strategies amid tightening market competition.
Author’s Summary
Denny’s move to go private in a $620 million deal highlights its effort to stabilize amid shifting dining trends and intensifying competition after the pandemic.
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