Trian Fund buys shares of Triarc ahead of merger with Wendy's

By Lisa Kerner

Charlotte, N.C., Sept. 23 - A group of Triarc Cos., Inc. investors led by Trian Fund Management, LP reported beneficial ownership of approximately 11.24 million shares, or 38.83%, of the company's class A common stock.

The investors also reported beneficial ownership of 14.97 million shares, or 23.37%, of the company's class B common stock, a schedule 13D filed with the Securities and Exchange Commission said.

Between Sept. 17 and Sept. 22, Trian Fund affiliates purchased 506,000 shares of class A common stock for $5.0483 to $5.3992 each.

During the same period, the investors bought 887,600 shares of class B common stock for $5.1217 to $5.4723 each.

The previously announced merger of Arby's restaurant franchisor Triarc and Wendy's International, Inc. is expected to close on or about Sept. 29.

Triarc agreed to acquire Wendy's, a quick-service restaurant chain, in an all-stock transaction in April.

Wendy's shareholders will receive a fixed ratio of 4.25 shares of Triarc class A common stock for each share of Wendy's common stock they own.

Each outstanding share of Triarc class B common stock, series 1, will be converted into one share of Triarc class A common stock, resulting in a post-merger company with a single class of common stock, Triarc said in a prior news release.

Arby's and Wendy's will continue to operate as autonomous brand business units based in Atlanta and Dublin, Ohio, respectively, according to Triarc.

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