Denny’s $620 Million Deal: Oppenheimer Says Not Expecting ‘Competitive Bidding Process’

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Oppenheimer does not anticipate a competitive bidding process for Denny’s and expects the deal to close as planned in the first quarter of 2026.

Denny’s Corp (DENN) stock surged over 50% in premarket trading on Tuesday, even as it saw a couple of Wall Street downgrades following the decision to go private in a $620 million deal by a group of investors, including Yadav Enterprises, its largest franchisee.

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Oppenheimer downgraded Denny’s to ‘Perform’ from ‘Outperform’ after the company agreed to be acquired for $6.25 per share, according to TheFly. The firm does not anticipate a competitive bidding process and expects the deal to close as planned in the first quarter of 2026.

Truist Securities also downgraded Denny’s to ‘Hold’ from ‘Buy’ with an unchanged price target of $6. The firm also noted that the downgrade followed the going-private decision.

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