Board Seats Doubtful for Denny's Dissidents

Denny's Franchisee Association and Denny's Corp (NYSE: DENN) appear to have stopped dissident investors from changing the board of directors.  A company spokesperson said that the final tally of the May 18 vote will be available within a week of Wednesday's shareholder meeting. In regard to the failed takeover of the board, restaurant analyst Stephen Anderson of MKM Partners observed:

Without an activist there, it really postpones any type of recovery for them," Anderson said. "It doesn't light a fire under their bellies to make changes. It's going to be more of the same old, same old. —  WSJ ($$)

The dissidents, Oak Street Capital Management LLC and Dash Acquisitions LLC, wanted to change three seats on the board to reroute the direction of Denny's.

Denny's Franchisee Association is an independent trade association that represents Denny's franchisees.