Direct negotiation
Broader auction
No formal bid in weeks
Insider-led going-private: leak to formal bid to special-committee gates
Trian leaks
take-private approach
(Financial Times)
BlueFive
Abu Dhabi adj.
Flynn Group
top franchisee
$8.66 ceiling
$7.55 floor
Conflict
gate
insider bidder
Special
committee
independent directors
Broader auction
longer arc
SEC filings
Schedule 13E-3
Rule 14D-9
13D amend
HSR
antitrust gate
Formal bid
filed
await 13E-3 / 14D-9
Gap reverses
$8.66 → $7.55
no formal bid in weeks
Operating drag
6Q SSS down · div halved
Royalty leverage
~94% franchised model
deal momentum
no-bid diversion
pricing pressure