Why Denny's Stock Rocketed 50% Higher Today
Shares of Denny's (NASDAQ: DENN) soared 50% on Tuesday after the maker of the Grand Slam breakfast struck a deal to be acquired for $620 million.
Image source: Denny's.
An investment group -- including private equity firm TriArtisan Capital Advisors, alternative asset firm Treville Capital Group, and leading Denny's franchisee Yadav Enterprises -- agreed to purchase the diner chain for $6.25 per share. The all-cash offer represented a premium of 52% to the stock's closing price on Monday.
Source Fool.com