Denny's Agrees to $620 Million Take-Private Deal
Breakfast chain Denny’s announced it will go private after agreeing to a $620 million acquisition deal approved unanimously by its board. The move follows significant struggles in the years after the pandemic.
Deal Details
The company will be acquired by a consortium including TriArtisan Capital Advisors, Treville Capital, and Yadav Enterprises, one of Denny’s largest franchisees. Under the terms, shareholders will receive $6.25 in cash per common share, a total payout of about $322 million — a 52% premium compared to Monday’s closing price.
Denny’s shares surged 47% in after-hours trading after the announcement.
Operational Background
Founded in 1953 in Lakewood, California, as Danny’s Donuts, the brand became Denny’s Coffee Shops in 1959 to avoid confusion with another chain. Denny’s started trading on the New York Stock Exchange in 1969 and currently operates 1,558 restaurants worldwide.
Post-Pandemic Challenges
Like many casual dining chains, Denny’s faced steep sales declines during the COVID-19 pandemic. Even as conditions improved, shifting customer habits and increased delivery dependence reshaped demand. Competitors like First Watch capitalized on trends toward healthier breakfast offerings, intensifying pressure on the brand.
Store Closures and Strategy
In the fall of 2024, Denny’s announced plans to close 150 of its weakest-performing restaurants to optimize operations and focus on profitability.
“Denny’s said Monday that it’s being acquired by a group of investors in a deal that will take the breakfast chain private.”
Author’s summary: Denny’s, facing evolving dining trends and pandemic aftershocks, agreed to a $620 million buyout to transition into private ownership and restructure for long-term stability.
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