Denny's to be acquired for $322 million as stock soars 50%
Business
Denny's, the classic American diner chain, just saw its stock soar almost 50% after announcing a $322 million deal to be bought by TriArtisan Capital Advisors and Treville Capital Group.
The agreement includes Yadav Enterprises, one of Denny's biggest franchisees.
Shareholders will get $6.25 per share in cash—a hefty 52% premium over Monday's closing price.
Going private
Denny's is going private. The move comes as the company faces tough times—sales have dipped and more than 180 locations have closed over the past two years.
With the board's unanimous approval after looking at over 40 buyers, this deal gives Denny's a shot at a fresh start away from Wall Street pressures, with hopes for a turnaround under new ownership.