Peltz gives details of Wendy’s offer
Billionaire investor Nelson Peltz said Monday that he might pay as much as $3.6 billion for Wendy’s International Inc.
In a letter to Wendy’s Chairman James V. Pickett, Peltz said his Trian Fund Management would consider paying as much as $41 a share for the chain of hamburger restaurants, according to a filing with the Securities and Exchange Commission. Peltz gave Wendy’s until Wednesday to sign a confidentiality agreement. The filing came after the markets closed.
Peltz, who owns the Arby’s restaurant chain through his Triarc Cos., has pressured Wendy’s to boost its stock price since he first bought shares in late 2005. He said this month that a committee set up by Wendy’s board to sell the company shut him out of its plans.
Shares of Dublin, Ohio-based Wendy’s jumped more than 9% in late trading after rising 16 cents to $33.69 during the regular market session.
Should Wendy’s rebuff his plans, Peltz said he would “wish the special committee well” and explore other ways to “maximize shareholder value.”
Wendy’s spokesman Denny Lynch declined to comment, citing company policy.
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