Citigroup and Merrill Lynch are unlikely to fund Nelson Peltz's bid for Wendy's International Inc., according to sources, adding another challenge to the attempted sale of the company.
Citigroup and Merrill were expected to commit to Peltz's bid but elected instead to sit on the sidelines, sources say.
The decision by the banks to take a pass on Triarc's offer underscores the impact that the subprime mortgage meltdown and subsequent credit crunch has had on Wall Street banks, which in prior months jumped at the chance to fund buyouts.
