Matthew Perkal Discloses 1.4% Stake in Dine Brands Global
Perkal is a managing partner of Cobblers Cove Capital LP, which with Arkhouse Management Co. LP proposed buying Dine Brands for $39.00 a share; the board rejected it.
Matthew Perkal reported beneficial ownership of 171,527 shares of Dine Brands Global, Inc., or 1.4% of its common stock, according to a Schedule 13D filed Nov. 2 with the US Securities and Exchange Commission.
The filing was made jointly with Cobblers Cove Capital LP, Cobblers Cove Capital Management GP LLC and Benjamin F. Rattner. It names Perkal and Rattner as managing partners of Cobblers Cove, which it describes as a registered investment adviser. The filing gives Oct. 26 as the date of the event that required it.
In its statement of purpose, the filing says Cobblers Cove and Arkhouse Management Co. LP delivered to the Dine Brands board on Oct. 26 "a non-binding proposal ... to acquire all of the outstanding shares of Common Stock of the Issuer for $39.00 per share, in cash." Cobblers Cove and Arkhouse also signed a non-binding term sheet to work together on an exclusive basis to pursue an acquisition, according to the filing.
The board rejected the proposal in a letter received Oct. 29, the filing says. In a Nov. 2 reply, Cobblers Cove and Arkhouse expressed disappointment that the board rejected the proposal without engaging with them and said they remained eager to work with Dine Brands toward a potential transaction, according to the filing.
The filing says the Cobblers Cove filers and Arkhouse may be deemed a group. Taken together with the 546,700 shares reported by the Arkhouse filers, their holdings would represent about 5.7% of the outstanding stock, though each Cobblers Cove filer disclaims beneficial ownership of the Arkhouse shares.