In a move that signals a major shakeup in the American dining landscape, Denny’s Corp. — the 70-year-old diner chain synonymous with pancakes and late-night breakfasts — has agreed to a $620 million go-private sale to a consortium led by TriArtisan Capital Advisors, Treville Capital Group, and franchise powerhouse Yadav Enterprises.
The deal, announced late Monday, will take the publicly traded company off the Nasdaq, ending its long run as one of the country’s most recognizable mid-tier restaurant chains.
A Premium Offer to Shareholders
Under the agreement, Denny’s shareholders will receive $6.25 per share, representing a 52% premium to Monday’s closing price and a 37% premium to the 90-day volume-weighted average. The market responded immediately — shares surged nearly 50% on Tuesday morning trading.
The board of directors unanimously approved the deal after vetting more than 40 potential buyers, according to the company’s statement.
“This transaction represents the best path forward,” said Kelli Valade, Denny’s chief executive officer. “It provides immediate and certain value for shareholders while aligning us with experienced stewards of leading restaurant brands.”
Valade added that the decision followed “a careful review of all strategic alternatives,” noting that the cash certainty and growth potential under private ownership made the proposal “fair and in the best interests of stockholders.”
