Peltz's Trian/Triarc Enter Confidentiality Agreement with Wendy's (WEN)
In an amended 13D filing on Wendy's International (NYSE: WEN) today, 9.8% holder Nelson Peltz's Trian Fund/Triarc Companies disclosed that on August 27th they entered into a Confidentiality Agreement with Wendy's.As part of the agreement, Triarc and Trian have agreed that they will not acquire additional shares of Wendy's prior to December 1, 2007, unless certain circumstances of the agreement are met.
In the past, Peltz said his companies were prepared to offer $37-$41 per share for Wendy's. Today, shares of Wendy's are trading up about 3% to $32.86.
Labels: Nelson Peltz, Trian Fund Management, Triarc, WEN, Wendy's International
posted by Lon at 9:38 AM
2 Comments:
I think it is interesting that Wendy's has said that its board is evaluating three strategic options to improve Wendy’s performance: evolving the current strategic plan, changing its capital structure or a possible sale, merger or combination and the only one getting any air time is a sale to Nelson Peltz. How about the current management team that has been working hard on this turnaround for only 9 months and already showing great strides. Kerrii Anderson and her team have delivered 16 straight months of same store growth, appreciation in stock price, higher profits and positive earnings growth, and they are moving ahead with the second phase of their plan that makes a lot of sense. If the turnaround is already happening, it doesn't seem like killing that momentum is in the best interest of shareholders.
I think it is interesting that Wendy's has said that its board is evaluating three strategic options to improve Wendy’s performance: evolving the current strategic plan, changing its capital structure or a possible sale, merger or combination and the only one getting any air time is a sale to Nelson Peltz. How about the current management team that has been working hard on this turnaround for only 9 months and already showing great strides. Kerrii Anderson and her team have delivered 16 straight months of same store growth, appreciation in stock price, higher profits and positive earnings growth, and they are moving ahead with the second phase of their plan that makes a lot of sense. If the turnaround is already happening, it doesn't seem like killing that momentum is in the best interest of shareholders.
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