Denny's To Go Private In $620 Million Deal With TriArtisan
Denny's ( NASDAQ:DENN ), the diner chain famous for its pancakes and late-night breakfasts, is set to go private. The company announced Tuesday it's being acquired in a $620 million deal led by TriArtisan Capital Advisors the private equity firm behind TGI Fridays and P.F. Chang's along with Treville Capital and Yadav Enterprises, one of Denny's biggest franchisees. As part of the deal, shareholders will receive $6.25 per share in cash, valuing the equity portion at about $322 million. That's a 52% premium over Monday's closing price and investors wasted no time reacting. Denny's stock jumped 47% to $6.03 in premarket trading after the announcement. For Denny's, the buyout could signal a new chapter. The brand has faced softer sales and rising costs in recent years, but the new owners see room to refresh the iconic chain. With TriArtisan's restaurant expertise and Yadav's franchise experience, the group hopes to reenergize the business and mo...