The Ademi Firm is investigating Denny’s (NASDAQ: DENN) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction.
In the transaction, Denny’s shareholders will receive $6.25 per share in an all-cash transaction valued at approximately $620 million. Denny’s insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Denny’s by imposing a significant penalty if Denny’s accepts a competing bid. We are investigating the conduct of the Denny’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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