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.