Denny’s announced this week it would be acquired by private equity investment companies TriArtisan Capital Advisors, investment firm Treville Capital and Yadav Enterprises, according to an Associated Press report.
The deal will take the chain private, and the Denny’s board unanimously approved the deal, valued at $620 million, including debt.
Denny’s shareholders will receive $6.25 per share in cash for each share of Denny’s common stock they own, or a total of $322 million, a 52% premium to Denny’s closing stock price on Monday.
The restaurant chain saw a dip in sales during the COVID pandemic. Last fall it announced a plan to close 150 locations.
Yadav Enterprises is one of Denny’s largest franchisees.
