ribit - did you know about Dunkin'?
Dunkin’ Brands, the parent company of the Dunkin’ and Baskin Robbins chains, has held "preliminary discussions to be acquired by Inspire Brands," FOX Business has confirmed.
Dunkin' Brands Chief Communications Officer Karen Raskopf noted that there is "no certainty that any agreement will be reached" and that neither group will comment further until a transaction is agreed upon.
A spokesperson for Inspire Brands declined to comment on rumors around potential acquisition targets.
DUNKIN', WENDY'S SPICE THINGS UP IN TWITTER BATTLE
The potential deal, valued at roughly $8.8 billion, would take Dunkin’ Brands private at a price of $106.50 per share, two people with knowledge of the negotiations told the New York Times, which first reported the news. The sources told the Times that the deal could be announced as early as Monday.
The transaction would add Dunkin’ Brands to Inspire Brands’ portfolio of restaurants including Arby’s, Buffalo Wild Wings, Sonic and Jimmy John’s. Inspire is backed by the private equity firm Roark Capital.
The potential deal comes after the company reported net income of $36.5 million in the second quarter, or 44 cents a share, down 23% compared to a year ago. Dunkin' said that revenue had dropped to $287.4 million despite U.S. same-store sales showing improvement throughout the quarter after reopening some of its previously shuttered locations.
The company said it plans to permanently close 800 of its stores in the U.S. this year as the coronavirus pandemic has slammed business.
Ticker Security Last Change Change %
DNKN DUNKIN BRANDS GROUP 103.10 +14.31 +16.12%
Dunkin' Brands is scheduled to release its third-quarter earnings results on Thursday.
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SORT OF HUSH-HUSH FOR NOW.
http://www.foxbusiness.com/markets/dunkin-brands-reportedly-near-agreement-to-sell-itself-to-inspire-brands-and-go-private
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