South Carolina, US-based restaurant chain Denny’s has agreed to be acquired by a consortium led by TGI Fridays' owner TriArtisan Capital Advisors in a transaction valued at $620m including debt.

The buyer group also contains investment company Treville Capital and restaurant operator Yadav Enterprises.

Denny’s shareholders will receive $6.25 in cash per share.

The offer reflects a 52.1% premium to Denny’s closing share price on 3 November 2025, the last full trading day before the announcement, and a 36.8% premium to the company’s 90-day volume-weighted average price for the period ended the same day.

Denny’s CEO Kelli Valade stated: “After receiving indications of interest from TriArtisan, the board conducted a thorough review of strategic alternatives to maximise value with the assistance of external advisors. As part of the review, the company reached out to more than 40 potential buyers and ultimately received multiple offers.

“The board evaluated any potential transaction against Denny’s standalone plan and all external strategic alternatives. After careful consideration of all options and in consultation with external financial and legal advisors, the board is confident the transaction maximises value and has determined it is fair to and in the best interests of stockholders and represents the best path forward for the company.”

The deal is anticipated to complete in the first quarter (Q1) of 2026, contingent upon customary closing conditions, encompassing shareholder approval and regulatory clearances.

Following completion, Denny’s common stock will be delisted from Nasdaq.

Truist Securities is acting as financial adviser to Denny’s, with Morgan, Lewis & Bockius, Sidley Austin and Caiola & Rose providing legal counsel.

Global Leisure Partners is advising TriArtisan on the financial side, while Ropes & Gray is acting as its legal counsel.