Events Calendar
In This Section
Fees eat up gift-card balances
Can't find the hot new toy? Blame the economy
Stocks jump after G-20 pledge to aid economies
Framed for child porn -- by a PC virus
Strollers recalled for fingertip amputation hazard
Ohio gas prices down 8 cents from last week
Most Read Stories
Unusual sports bar to be sold at auction
Motorcyclist killed, wife injured in Stark County crash
Family found dead in Ohio home
Man says he was punched, robbed by 3 people in parking lot
Man gets 3 years in prison for having sex with horse
Bank helps more save their homes
Kosar would be wrong call as GM
Circle K on Brown Street robbed
Blogs:
Pets:
Cats are trainable — and that's not a punchline
The Heldenfiles:
Monday Notebook
Patrick McManamon:
Time for Kokinis, Browns to agree and part ways
Akron Zips:
Zips tip off tomorrow
Tribe Matters:
Indians announce spring dates
Cleveland Browns:
Mangini doesn't name a quarterback
Kent State Sports:
KSU Notes – November 9
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Walsh Jesuit’s Caponi commits to Duquesne
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Abortion Analogies
See Jane Style:
Muffle Your Muffler
Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks
Let's Talk Real Estate:
Rumors: Akron Starbucks Closing
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
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.
Comments
Click here to post your comments
