UPDATE 1-Denny's gets support from franchisee group in proxy war
* Says franchisee group wishes to continue working with co
* Group represents 85 pct of Denny's franchisees
April 15 (Reuters) - Restaurant chain Dennys Corp (DENN.O), which is involved in a proxy contest with a dissident shareholder group, said its management had received a letter of support from a group representing 85 percent of its franchisees.
The dissident group, headed by Oak Street Capital Management and Dash Acquisitions, owns about 6.3 percent of Denny's common shares and has nominated three people for election to the board at the company's annual meeting in May.
The group had claimed that Dennys management had not been "responsive to its franchisees," Denny's said.
However, in a letter to the company, a representative of Dennys Franchisee Association (DFA) said it was inaccurate to say that the concerns of the DFA or franchisees have been ignored.
The DFA represents 85 percent of the company's franchised restaurants.
The company said it had increased the percentage of franchised-owned units to 85 percent in 2009 from 67 percent in 2007 in the past three years. (Reporting by Mihir Dalal in Bangalore; Editing by Jarshad Kakkrakandy)
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing plane: sources |
- Kremlin website hit by 'powerful' cyber attack
- West prepares sanctions as Russia presses on with Crimea takeover |
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data