Peltz Offer Is accepted by Wendy’s
Peltz Offer Is accepted by Wendy’s
![Wendy's logo Wendy's logo](https://media.potatopro.com/wendy-logo-1200.jpg?width=1200&height=743&crop=smart&mode=crop)
Wendy’s, the financially troubled fast-food chain, said Thursday that it had agreed to sell itself for about $2.3 billion to Mr. Peltz’s Triarc Companies, the parent of the Arby’s restaurant chain. The deal will create one of the nation’s largest fast-food chains.
Wendy’s and Triarc agreed to a stock swap in which Wendy’s shareholders will receive 4.25 shares of Triarc for each of their shares. The deal valued Wendy’s around $26.78 a share, or a 5.8 percent premium to its closing stock price on Wednesday.
The deal may offer some relief to Wendy’s stockholders, whose shares have fallen more than 50 percent in value over the last two years. The company, whose earnings last quarter disappointed Wall Street analysts, has struggled since the death in 2002 of its founder and spokesman, Dave Thomas.
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