Exhibit 99.3
October 29, 2026
Via email: |
mp@cobblerscovecapital.com |
| gavriel@arkhousefund.com |
Matthew Perkal
Managing Partner
Cobblers Cove Capital LP
111 Rutledge Avenue
Charleston, SC 29401
Gavriel Kahane
Managing Partner
Arkhouse Management Co. LP
106 West 56th Street, 17th Floor
New York, NY 10019
| Re: | Non-Binding Proposal to Acquire Dine Brands Global, Inc. |
Dear Matthew & Gavriel:
I am writing on behalf of the Board of Directors (the “Board”) of Dine Brands Global, Inc. (the “Company”) in response to your letter dated October 26, 2026.
Your letter has been reviewed by the Company and the Board. While we appreciate your interest, the Board has determined that the proposed transaction would not be in the best interests of the Company and its stockholders. We therefore decline to proceed with the proposed transaction.
The Board is committed to and focused on creating shareholder value.
|
Sincerely, |
|
| /s/ John Peyton | |
| John Peyton | |
| Chief Executive Officer |
| cc: | Jeff Marell, Paul, Weiss, Rifkind, Wharton & Garrison LLP |
| Cullen Sinclair, Paul, Weiss, Rifkind, Wharton & Garrison LLP | |
| Kai Liekefett, Sidley Austin LLP | |
| David Grubman, Sidley Austin LLP | |
| Reuben Zaramian, Sidley Austin LLP |