Peltz-Led Group Offers $1.4 Billion to Take Wendy's Private at $7.35 a Share; Wendy's Says Independent Committee Will Review
An investor group led by billionaire Nelson Peltz's Trian Fund Management, together with Flynn Group, BlueFive Capital and Sixth Street Partners, submitted a non-binding proposal on October 28 to acquire Wendy's, offering $7.35 per share in cash for the shares it does not already own, valuing the burger chain at about $1.4 billion, a premium of roughly 20% to the prior close, according to a regulatory filing reported by Reuters. Wendy's shares rose about 15% to around $7.10 on the news.
Trian and related parties hold about 16.3% of Wendy's and have long held board seats. In their letter to the board, the investors said Wendy's is at a critical juncture and that private ownership would provide the patient, long-duration capital needed to restore the business; the proposal would not require new debt financing.
Wendy's confirmed it had received the proposal and said a special committee of independent directors would review it, cautioning that there is no certainty a deal will result. The chain has faced weakening same-store sales and withdrew its annual forecast in August.
Source: GSM · USA (original Chinese edition)
Photo: 图：温迪（Wendy's）品牌标志。CC BY-SA 3.0，经 Wikimedia Commons。 / The Wendy's logo. CC BY-SA 3.0, via Wikimedia Commons.
