Arkhouse Management Co. LP reported holding 546,700 shares of Dine Brands Global, Inc., or 4.3% of the common stock, after it and another investor made a non-binding offer for the company, according to a Schedule 13D filed Nov. 2 with the US Securities and Exchange Commission.
\nOn Oct. 26, Arkhouse and Cobblers Cove Capital LP delivered to the Dine Brands board a non-binding proposal to acquire all of the outstanding shares of common stock for $39.00 per share in cash, the filing says. Arkhouse Management and Cobblers Cove received a letter from the board dated Oct. 29 stating that it had rejected the proposal, according to the filing.
\nIn a Nov. 2 letter to the board, Arkhouse and Cobblers Cove expressed disappointment \"that the Board rejected [their] proposal without engaging with [them]\" and a continued eagerness to work with the company toward a potential transaction, the filing says.
\nFunds and separately managed accounts managed by Arkhouse Management have also entered into cash-settled total return swaps referencing 1,711,286 Dine Brands shares, the filing shows. Together with the reported shares, the swaps give the reporting persons economic exposure to approximately 17.8% of the common stock, according to the filing. The filing says Arkhouse and Cobblers Cove may be deemed a group whose combined holdings would represent approximately 5.7% of the shares, and Arkhouse disclaims beneficial ownership of the Cobblers Cove shares.
\nThe filing is made jointly with Arkhouse GP LLC, Arkhouse Value Fund GP X LLC, Arkhouse Value Fund GP II LLC and Gavriel Kahane, whom the filing describes as managing partner of Arkhouse Management.
", "text": "Arkhouse Management Co. LP reported holding 546,700 shares of Dine Brands Global, Inc., or 4.3% of the common stock, after it and another investor made a non-binding offer for the company, according to a Schedule 13D filed Nov. 2 with the US Securities and Exchange Commission.\n\nOn Oct. 26, Arkhouse and Cobblers Cove Capital LP delivered to the Dine Brands board a non-binding proposal to acquire all of the outstanding shares of common stock for $39.00 per share in cash, the filing says. Arkhouse Management and Cobblers Cove received a letter from the board dated Oct. 29 stating that it had rejected the proposal, according to the filing.\n\nIn a Nov. 2 letter to the board, Arkhouse and Cobblers Cove expressed disappointment \"that the Board rejected [their] proposal without engaging with [them]\" and a continued eagerness to work with the company toward a potential transaction, the filing says.\n\nFunds and separately managed accounts managed by Arkhouse Management have also entered into cash-settled total return swaps referencing 1,711,286 Dine Brands shares, the filing shows. Together with the reported shares, the swaps give the reporting persons economic exposure to approximately 17.8% of the common stock, according to the filing. The filing says Arkhouse and Cobblers Cove may be deemed a group whose combined holdings would represent approximately 5.7% of the shares, and Arkhouse disclaims beneficial ownership of the Cobblers Cove shares.\n\nThe filing is made jointly with Arkhouse GP LLC, Arkhouse Value Fund GP X LLC, Arkhouse Value Fund GP II LLC and Gavriel Kahane, whom the filing describes as managing partner of Arkhouse Management." }, "claims": [], "contact": "research@alphanume.com", "corrections": [], "dek": "Arkhouse and Cobblers Cove Capital LP offered $39.00 a share in cash for Dine Brands, and the company's board rejected the proposal, the filing shows.", "desk": "activism", "desk_label": "Activism", "entities": [ { "basis": "identifier or the record itself", "identifiers": { "cik": "2021808" }, "in_headline": false, "name": "Arkhouse Management Co. 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