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Wendy's/Arby's shareholder looking to purchase 40 million shares
November 6, 2008
NEW YORK — Trian Partners, Wendy's/Arby's largest stockholder with approximately 11.1 percent of the company's common stock, has announced it wants to purchase up to 40 million shares of Class A Common Stock, or approximately 8.5 percent of the shares outstanding, at a purchase price of $4.15 per share.
The tender offer will expire, unless extended, at midnight Eastern time Dec. 5, 2008.
Reuters reports that the Wendy's/Arby's board will stay neutral on the offer, leaving it up to shareholders to decide whether or not to tender their shares.
Trian has advised the chain that it does not intend to take the company private or pursue a change in control, Wendy's/Arby's said. Trian Fund Management is an investment firm whose principals hold positions on the Wendy's/Arby's board.
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