Dine Brands board rejects $39-a-share takeover proposal from Arkhouse and Cobblers Cove, whose economic exposure is put at about 19.2%

Arkhouse Management Co. LP and Cobblers Cove Capital LP proposed on 26 October 2026 to buy all of Dine Brands Global, Inc. for $39.00 a share in cash, and Dine Brands' board rejected the proposal on 29 October, according to a Schedule 13D filed with the SEC on 2 November 2026 (Dine Brands CIK 49754).

The filing says the price was a 32.8% premium to the 30-day volume-weighted average price of $29.37 and 25.4% above the 23 October close of $31.10. The proposal was non-binding, conditional on confirmatory due diligence and a definitive agreement, and would be financed with equity from Arkhouse-managed funds and accounts plus whole business securitisation debt (Schedule 13D, 2 November 2026, Item 4).

Arkhouse entities report beneficial ownership of 546,700 shares, 4.3% of the 12,659,150 shares outstanding, bought for about $15.7 million. Cobblers Cove entities hold a further 173,027 shares, which the filing says would take combined beneficial ownership to about 5.7% (Schedule 13D, Items 3 and 5).

Arkhouse also holds cash-settled total return swaps with third-party banks referencing 1,711,286 shares, with an aggregate notional value of about $49.4 million. Including the swaps, the filing puts Arkhouse's economic exposure at about 17.8%, or about 19.2% with Cobblers Cove (Schedule 13D, Item 6).

In a letter dated 2 November, the two firms objected that the board had rejected the proposal without engaging, said they remained eager to work towards a transaction and suggested a higher price could follow due diligence (Schedule 13D, Item 4).

A term sheet between the firms dated 26 October provides for an initial share accumulation followed by a take-private, joint decisions on price, advisers and financing, and a five-member board after any acquisition on which Cobblers Cove holds designation rights (Schedule 13D, Items 4 and 6).

The filings do not state the board's reasons for rejecting the proposal. Loro has made no approach to the company. Figures are as reported in Arkhouse's SEC filings.