Tuesday, July 03, 2007

Peltz Says His Triarc Unit Should Not Be Impeded from Participating in Wendy's Sale Process

In an amended 13D filing on Wendy's International (NYSE: WEN) Nelson Peltz's Trian Fund Management disclosed a 9.8% stake in the company. Peltz's, on behalf of his Triarc unit, disclosed a letter to the company after being invited by JP Morgan to participate in the company's sale process.

From the Letter:

"Last week, Triarc provided comments to the confidentiality agreement submitted to Triarc for the Wendy's sale process. These comments included Triarc's strong objection to the restrictive one-year standstill clause. The lack of response from Wendy's and its advisors and the feedback we are hearing from the market clearly indicate that Wendy's would prefer to sell itself to anyone other than Triarc. While Trian will support the transaction that is best for all Wendy's shareholders, we believe that Triarc is a natural, strategic buyer for the company and should be encouraged to participate in the process.

Triarc is considering whether it will participate in the Company's process and therefore requests your confirmation that it will be provided access to the terms of the staple financing being offered by your financial advisors and that its access to the rating agencies and insurers/surety providers will not be impeded by the company or any of its representatives in any way.

Both Trian and Triarc firmly believe that in order to obtain the best transaction for all Wendy's shareholders, the Board's fiduciary duties require that a synergistic buyer such as Triarc should not be impeded from participating in the sale process.

Jim, neither Triarc, nor Trian, is making an offer or proposal in this letter. Rather, we are evaluating our alternatives and are requesting Wendy's confirmation with respect to the foregoing." - Nelson Peltz

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