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Billionaire investor to pay about $26.78 per share; proposed sale expected to close in second half of year
Published on Friday, May 02, 2008
From staff and wire reports
Wendy's International Inc. agreed to be acquired by the company that owns Arby's shaved roast beef sandwich restaurants because it was the best deal the nation's third-largest hamburger chain could get for its shareholders, Chief Executive Kerrii Anderson said.
That was the conclusion of a special board committee that Wendy's formed to study options for the Dublin, Ohio-based company, said Anderson, making her first public comments on the proposed sale to Triarc Cos. The deal was announced last week.
Atlanta-based Triarc, owned by billionaire investor Nelson Peltz, said April 24 it will pay about $2.34 billion, or $26.78 per share, for Wendy's in an all-stock deal. The deal's value varies based on the price of Triarc's shares, making it worth $29.325 per Wendy's share, or about $2.56 billion, based on Wednesday's closing price.
Triarc CEO Roland Smith will become CEO of both brands. The deal is expected to close in the second half of the year.
Smith said Wendy's and Arby's restaurants have growth opportunities by expanding breakfast, snack and late-night menu offerings.
He reiterated that the deal should improve cost controls over food, labor and other expenses, generating $100 million a year in operating profits over time. He also expects another $60 million in savings by eliminating duplicate corporate functions and streamlining support services.
Wendy's operates about 6,600 restaurants in the United States and abroad.
Triarc operates 3,700 Arby's restaurants, with about 1,000 owned by the company or subsidiaries.
Akron-area Arby's were formerly owned by a company called Feldman Enterprises Inc.
Sam Feldman was the first manager of the original Arby's in Boardman, according to his granddaughter, Laura Tinney.
The oldest existing Arby's restaurant is on West Market Street and was known as ''Unit 3.'' The first two Arby's buildings, including the first restaurant in Boardman, have been converted to other uses.
Tinney said stores on West Market Street, Waterloo Road and Tallmadge Avenue were owned by Feldman and later his son, Jay Feldman, who opened six other outlets, the last one on East Market Street in 1999.
Feldman is now retired, said Tinney, who worked at the company from 1998-2002 as vice president of administration, making it three generations of family members who helped in the business.
The family-owned company grew to nine restaurants with more than $8 million in annual sales and was involved in supporting nonprofit causes and organizations in its 35-plus year history, Tinney said.
Tinney said Feldman Enterprises was acquired by a company called RTM Inc. in 2006.
Get the full article here.
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