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Hospitals are grateful for their volunteers
Akron, Summit County jobless rates increase
Future members of school board get early lessons
Browns lose game they never should have lost
After 30 years at the helm of Akron Children's, Considine still looks to future
Utility mines new power source
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2 men shot during party in Fairlawn
Cancellation of Christmas not an option
Akron man killed in crash on his street
Several people hurt in Akron crash
Victim of beating in Kent last week is declared dead at Akron hospital
Akron Children's Hospital CEO, wife announce $1 million gift to support research
Police: Pennsylvania man killed misbehaving puppy before Steelers game
Akron Circle K store robbed for second time this month
KSU suspends basketball player
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Blogs:
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A Dog Named Christmas – Pet for the Holidays
The Heldenfiles:
Viewing Notes
Patrick McManamon:
Of pass interference and alleged "fake" injuries
Akron Zips:
No. 1 Akron to play Stanford next
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Audio: Mangini disputes Poteat call, accuses Lions of faking injuries
Kent State Sports:
Flashes travel to Florida Atlantic
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
Buckeye Football – Present and Future
Varsity Letters:
Gulley to visit Central Michigan in December
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Glaring Contradictions
Akron Law Café:
Don't Try to Have Fun if you are Depressed
See Jane Style:
Vintage Chic
Car Chase:
What Automotive Thing Are You Thankful For?
Let's Talk Real Estate:
Faye Dunaway to be Evicted?
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – Why I am Glad I live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
Ohio founder's daughter says $2 billion deal is sad for family
By Mark Williams
Associated Press
Published on Friday, Apr 25, 2008
COLUMBUS: After two past rejections, the owner of Arby's restaurants is buying Wendy's, the fast-food chain famous for made-to-order square hamburgers and chocolate Frosty desserts, for about $2 billion.
Triarc Companies Inc., which is owned by billionaire investor Nelson Peltz, said Thursday it will pay about $2.34 billion in an all-stock deal for the nation's third-largest hamburger chain started in 1969 by Dave Thomas. Wendy's had rejected at least two buyout offers from Triarc.
Thomas' daughter Pam Thomas Farber said the family was devastated by the news.
''It's a very sad day for Wendy's, and our family. We just didn't think this would be the outcome,'' said Farber, 53.
If her father were alive to hear news of the buyout, ''he would not be amused,'' she said.
Thomas became a household face when he began pitching his burgers and fries in television commercials in 1989.
Wendy's International Inc. deferred comment to Triarc, which had no elaboration.
Triarc 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. Shares on Thursday rose $1.07 to close at $26.39.
The deal is expected to close in the second half of the year. Shareholders at Wendy's 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.
Wendy's board has been studying options since early last year, and expenses related to that contributed to the company's 72 percent drop in first-quarter earnings announced Thursday.
Wendy's said its profits totaled $4.1 million, or 5 cents a share, for the quarter ended March 30 compared with a profit of $14.7 million, or 15 cents a share, a year ago. Revenue was down slightly to $513 million from $522 million a year ago.
Wendy's stock is well off its high for the past year of $42.22 that it reached shortly after the committee began its work in the summer.
Sales have slid in a struggling economy that has hurt other restaurant chains, too.
The deal caps three chaotic years for Wendy's in which it has sold or spun off operations and slashed its corporate staff.
Triarc said it will also change its name to include the Wendy's name.
Pushed by activist shareholders, Wendy's previously spun off its Tim Hortons coffee-and- doughnut chain and sold its money-losing Baja Fresh Mexican Grill. Chairman and CEO Jack Schuessler abruptly retired in March 2006.
Peltz, who runs the Trian Fund, and his allies own 9.8 percent of Wendy's stock. Arby's has more than 3,000 restaurants.
He had argued in a letter to Wendy's chairman James Pickett that Triac would be a natural buyer of Wendy's. Peltz gained three seats on the company's board two years ago.
Thomas, who died in 2002, opened his first restaurant in a former steakhouse on a cold, snowy Saturday in downtown Columbus on Nov. 15, 1969. He named the chain after his 8-year-old daughter Melinda Lou — nicknamed Wendy by her siblings.
Wendy's, based in suburban Dublin, operates about 6,600 restaurants in the United States and abroad. It trails McDonald's and Burger King Holdings Inc. in the fast-food business.
COLUMBUS: After two past rejections, the owner of Arby's restaurants is buying Wendy's, the fast-food chain famous for made-to-order square hamburgers and chocolate Frosty desserts, for about $2 billion.
Get the full article here.
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