Denny’s shareholders file lawsuit over proposed acquisition

Core Viewpoint - Denny's is facing shareholder lawsuits regarding its proposed buyout by TriArtisan Capital Advisors, alleging misleading information in the proxy statement related to the merger [1][2]. Group 1: Lawsuits and Allegations - Shareholder Mark Thomas filed a lawsuit on December 16, and James Walsh filed another on December 17, both in the Supreme Court of New York, claiming the proxy statement was "false and misleading" [2]. - The lawsuits allege that Denny's omitted or misrepresented financial projections, potential conflicts of interest, and details about the merger's background [3]. - Multiple stockholders have sent demand letters to Denny's, requesting additional disclosures before the shareholder meeting scheduled for January 13 [3]. Group 2: Company Response - Denny's believes the claims in the lawsuits and demand letters are without merit but will voluntarily supplement the proxy statement to provide additional information to shareholders [5]. - The company denies all allegations that additional disclosures were required in the proxy statement [6]. - The supplemental disclosures include a negotiation timeline starting from July 18 and updated financial projections through 2029 [6]. Group 3: Acquisition Details - The proposed acquisition by TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises is an all-cash deal valued at approximately $630 million [7]. - The board of Denny's conducted a review after receiving interest from TriArtisan and reached out to over 40 potential buyers during the acquisition process [7].