Triarc offer for Wendy's below valuation range

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Triarc Cos., Inc.'s proposed purchase price for Wendy's International, Inc. is below the valuation range that Triarc had indicated it would be prepared to offer in its July 30, 2007 letter, according to a schedule 13D filing with the Securities and Exchange Commission.

Triarc submitted a proposal to purchase 100% of Wendy's equity on Nov. 12. The consideration would be primarily in the form of cash and some Triarc equity. Wendy's board had requested the offer.

The board of directors of Wendy's must still approve the final terms of the transaction.

The bid is also subject to financing, due diligence and other conditions.

As previously reported on Aug. 28 Trian Fund Management, LP and Triarc entered into a confidentiality agreement with Wendy's restricting the investors' ability to acquire additional shares of the company before Dec. 1 while allowing them access to proprietary information.

Triarc has a 9.8% stake in the Dublin, Ohio-based quick service restaurant chain.

It was reported in a previous SEC filing that Trian chief executive officer Nelson Peltz said his company would be prepared to offer consideration in the range of $37 to $41 per share to Wendy's shareholders. Wendy's announced in June that it was considering a sale of the company.

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