Shares in Denny’s jumped 50% on Tuesday after the 71-year-old diner chain, long known for its “Grand Slam” breakfasts and 24/7 service, agreed to go private in a $322 million deal.
The acquisition is being led by TriArtisan Capital Advisors, a New York-based private equity firm that also owns Chinese food chain P.F. Chang’s, as well as the parent companies of Hooters and TGI Fridays. Investment firm Treville Capital Group and Yadav Enterprises, one of Denny’s largest franchisees, are partnering with TriArtisan to buy out the restaurant chain.
Stockholders will receive $6.25 per share in cash, representing a 52% premium compared to the closing stock price on Monday. Denny’s board of directors has unanimously approved the deal, which is expected to close in the first quarter of 2026.
Denny’s Chief Executive Kelli Valade said the company conducted a thorough review of strategic alternatives, reaching out to more than 40 potential buyers and receiving multiple offers.
For years, one of Denny’s biggest draws was its 24/7 service, including around-the-clock breakfast favorites. However, the chain paused those hours during the pandemic, and about a quarter of its 1,600 restaurants have yet to return to 24-hour service. The company has eased up on the requirement despite its popularity among customers.
Denny’s is also facing challenges as more Americans opt to eat at home to save money, leaving customers surprised by rising prices. Over the past two years, the chain has closed 180 locations and launched a turnaround effort that includes new menu items and restaurant remodels.
In the third quarter, same-store sales slipped 2.9%, and the company’s revenue and earnings fell short of Wall Street estimates. Prior to Tuesday’s stock surge, Denny’s shares had fallen about 34% so far this year, hitting a 12-year low in February following a steep decline in quarterly sales.
https://nypost.com/2025/11/04/business/dennys-shares-jump-50-after-it-agrees-to-go-private-in-322m-deal/
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