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Prospect News home > News index > List of issuers W > Headlines for Wendy's International, Inc. > News item |
Wendy's investor Trian offers $37 to $41, gives company until Aug. 1 to settle agreement
By Lisa Kerner
Charlotte, N.C., July 30 - Trian Fund Management, LP chief executive officer Nelson Peltz said his company would be "prepared to offer consideration in the range of $37.00 to $41.00 per share to Wendy's International Inc. shareholders," according to a schedule 13D filing with the Securities and Exchange Commission.
The per-share offer price is a premium of 10% to 22% over the July 27 closing price for Wendy's stock and a 15% to 28% premium over the closing price of Wendy's stock on April 24, 2007, the day before the company announced the formation of its special committee.
Trian and its affiliate Triarc Cos., Inc. own 8,553,800 Wendy's shares, 9.8% of the total.
The investors have been unable to reach an agreement with Wendy's special committee on the terms of a confidentiality agreement, the filing stated. If the special committee wants Triarc to participate in its sale process, it should respond to Triarc by 5:00 p.m. on Aug. 1.
As previously reported on July 3 Trian and Triarc objected to a one-year standstill agreement proposed by Wendy's.
Wendy's announced on June 18 that it was considering a sale of Dublin, Ohio-based quick service restaurant chain.
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