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April 25, 2008
Arby's Buying Wendy's
From USA Today:
The owner of Arby's said Thursday that it is buying Wendy's International in an all-stock deal worth $2.34 billion after the burger chain's board rejected at least two earlier offers by the company.
Triarc Companies (TRY), which is owned by billionaire investor Nelson Peltz, will pay about $26.78 a share for the company, which has about 87 million shares outstanding. The price is a premium of 6% from the company's closing price of $25.32 Wednesday.
Under terms of the deal, shareholders at Wendy's, the nation's No. 3 hamburger chain, will receive 4.25 shares of Triarc Class A stock for each share of Wendy's (WEN) stock they own.
Pam Thomas Farber, 53, daughter of Wendy's founder Dave Thomas, said the family is devastated by the news.
"It's a very sad day for Wendy's, and our family. We just didn't think this would be the outcome," she said.
Posted by edelfenbein at April 25, 2008 10:51 AM
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