Trian begins tender offer for up to 40 million shares of Wendy's/Arby's Group

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Funds managed by Trian Fund Management, LP began a partial tender offer to purchase up to 40 million shares of class A common stock, or approximately 8.5% of the shares outstanding, of Wendy's/Arby's Group, Inc. for $4.15 per share.

The offer will expire at midnight ET on Dec. 5, according to a Trian news release.

Trian said the offer price is a 26% premium over Wendy's/Arby's closing price of $3.29 on Wednesday.

According to Trian, if the offer is fully subscribed and completed, it will make payments totaling $166 million and its ownership interest in Wendy's/Arby's will increase to 19.6% from 11.1%.

Information agent for the tender offer is Innisfree M&A Inc. The depositary is American Stock Transfer & Trust Co., LLC. Banc of America Securities LLC is the dealer manager.

Wendy's/Arby's Group is the third-largest quick-service restaurant company in the United States and is the franchisor of the Wendy's and Arby's restaurant systems.

In September, Triarc Cos., Inc. and Wendy's International, Inc. merged to become Wendy's/Arby's.

It was previously reported that Arby's and Wendy's will continue to operate as autonomous brand business units based in Atlanta and Dublin, Ohio, respectively.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.