Buy-side legal due diligence · first version · public documents only

Denny's Corporation take-private (“Project Sparkle”)

Prepared by Michael Fairweather · November 2026
BuyersTriArtisan, Treville, Yadav
Merger agreement3 Nov 2025
Price per shareUS$6.25 cash
Funds to complete (proxy)≈ US$640m
Restaurants (Dec 2024)1,568 · 95% franchised
Completed16 Jan 2026

What this is. The method a buy-side team would run on a data room, shown on the public part of one: the merger agreement, the Wells Fargo credit agreement and its amendments, the 2022 Keke's asset purchase agreement, the franchise agreement form (public through Minnesota's franchise register) and the SEC filings. What it is not. Individual leases, franchise agreements, supplier contracts and the disclosure schedules are not public, so rows marked Illustrative show what we would look for, not what we found. Rows marked Verified cite clause text I have read.