Dine Brands Global rejected an unsolicited takeover proposal from Arkhouse Management and Cobblers Cove Capital, saying the offer substantially undervalued the company. The investors proposed buying all outstanding shares for $39 each in cash.
- Dine Brands’ board received the proposal on Oct. 26 and reviewed it with help from outside advisers.
- The offer was non-binding, meaning it did not commit the parties to complete a deal.
- The board deemed the $39-per-share price inadequate. Dine Brands notified Arkhouse and Cobblers Cove of its rejection on Oct. 29.
- No further offer terms or next steps were provided.
The proposal would have taken Dine Brands private if completed. The board’s rejection leaves the company publicly traded and does not establish that another offer or transaction will follow.