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Dine Brands adopts poison pill with $210 exercise price triggered at 10% ownership
DINDine Brands Global, Inc.
The board of directors adopted a stockholder rights agreement and declared a dividend of one right for each outstanding share to stockholders of record on November 9, 2026. Each right entitles the holder to purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock at an exercise price of $210.00. The rights become exercible if any person or group acquires beneficial ownership of 10% (or 20% for passive investors) of the company's common stock without board approval, triggering a flip-in provision that allows holders to purchase shares at a 50% discount. The agreement expires on October 27, 2027. Dine Brands Global operates and franchises restaurant brands including Applebee’s, IHOP, and Fuzzy’s Taco Shop.