Wendy’s, the third largest US burger chain, on Thursday said it had agreed to a takeover by billionaire investor Nelson Peltz’s Triarc in an all-stock deal worth $2.34bn. The deal comes less than a week after Peltz’s Trian Partners said it would seek a special meeting of Wendy’s shareholders, after management rebuffed two previous separate takeover offers. The deal would add the fast food outlet to Triarc’s Arby’s roast-beef sandwich chain. Triarc is offering 4.25 shares of its own Class A stock for every share of Wendy’s stock, a premium of 5.7% to Wendy’s shares, which closed at $25.32 on Wednesday.

This entry was posted by Gwen Robinson on Friday, April 25th, 2008 at 5:24 and is filed under Capital markets, M&A, People. Tagged with nelson peltz, Triarc, Wendys. Edit this entry.