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Denny's Proxy Battle Gets Hotter

Denny's Corporation and a dissident hedge fund investor group in the last few days have issued dueling letters, in advance of the May 19th Board meeting which will determine eight board seats.

The Dissidents have a three person opposition slate. Denny's claims broad based improvements, particularly when compared to the 2001-2005 time period, while the dissident group focuses on lack of sales, free cash flow and market share momentum. Denny's touts its franchise strategy and quotes the Denny's Franchise Association Chair in the article.

We'll have more analytical comments soon.

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John A. Gordon is Principal and founder of Pacific Management Consulting Group, which provides chain restaurant sales, profitability, earnings and economics research and special analytical projects to those in, or who need to know about the restaurant sector.  Among others, we support franchisees and those supporting franchisees.

Gordon has a long background in chain restaurant operations and financial management roles, such as cost analyst, financial analyst, manager of planning and analysis and CFO, and has been consulting since 2000.

He is passionate in providing independent, creative, detailed and useful perspective, with no conflicts of interest. Email him or call (619) 379-5561.