Denny’s Gets Support From Franchisee Group In Proxy War

‎Reuters:

Restaurant chain Dennys Corp, which is involved in a proxy contest with a dissident shareholder group, said its management had received a letter of support from a group representing 85 percent of its franchisees.

The dissident group, headed by Oak Street Capital Management and Dash Acquisitions, owns about 6.3 percent of Denny’s common shares and has nominated three people for election to the board at the company’s annual meeting in May.

The group had claimed that Dennys management had not been “responsive to its franchisees,” Denny’s said.