Triarc objects to Wendy's proposed standstill clause

New York, July 3 - Trian Fund Management, LP and Triarc Cos., Inc. objected to a one-year standstill agreement proposed by Wendy's International, Inc.

In a letter to Wendy's filed with the Securities and Exchange Commission, Nelson Peltz, chairman of Triarc and chief executive officer of Trian Fund Management, LP, said Triarc "strongly opposes" the standstill clause.

"The lack of response from Wendy's and its advisors and the feedback we are hearing from the market clearly indicate that Wendy's would prefer to sell itself to anyone other than Triarc," Peltz continued.

"While Trian will support the transaction that is best for all Wendy's shareholders, we believe that Triarc is a natural, strategic buyer for the company and should be encouraged to participate in the process.

"Triarc is considering whether it will participate in the company's process and therefore requests your confirmation that it will be provided access to the terms of the staple financing being offered by your financial advisors and that its access to the rating agencies and insurers/surety providers will not be impeded by the company or any of its representatives in any way."

Trian and Triarc own 8,553,800 Wendy's shares, 9.8% of the total.

Wendy's announced on June 18 that it was considering a sale of the company.

The Dublin, Ohio-based quick service restaurant chain also released an outlook look revised downwards due, it said, to lower-than-planned same-store sales and higher-than-expected commodity costs.

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