…Arby’s, believe it or not.
DUBLIN, Ohio – The owner of Arby’s said Thursday it is buying Wendy’s International Inc. in an all-stock deal worth $2.34 billion that comes after the burger chain’s board rejected at least two earlier offers by the company.
Triarc Companies Inc., which is owned by billionaire investor Nelson Peltz, will pay about $26.78 per share for the company, which has about 87 million shares outstanding. The price is a premium of 6 percent from the company’s closing price of $25.32 Wednesday.
Under the terms of the deal, shareholders at Wendy’s, the nation’s No. 3 hamburger chain, will receive 4.25 shares of Triarc Class A stock for each share of Wendy’s stock they own.
Atlanta-based Triarc said its shareholders will have to approve a charter amendment in which each share of its Class B stock will be converted into Class A stock.
Triarc said it will also change its name to include the Wendy’s name.
The Wendy’s board has been studying strategic alternatives since early last year. Sales have slid despite a struggling economy that should benefit the chain.
Wendy’s shares fell 32 cents to $25 in electronic premarket trading.