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Trian-led group offers $7.35 a share to take Wendy's private
CNBC, citing a regulatory filing, said Nelson Peltz's Trian and partners offered $7.35 a share in cash, about $1.4 billion, to take Wendy's private. Street Insider described the bid as non-binding.
- New headline Was: “Trian-led group offers $1.4 billion to take Wendy's private”
- Our desk updated its story
A group led by Nelson Peltz's Trian Fund Management offered $7.35 a share in cash, about $1.4 billion, to take Wendy's Co. private, CNBC reported, citing a regulatory filing Wednesday1. The Wall Street Journal first reported the proposal, CNBC said1.
Besides Trian, the group includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees, according to CNBC1. Street Insider said the Oct. 28 letter to Wendy's board is a non-binding proposal for shares not held by the buyer group, at an about 20% premium to Tuesday's close.
Trian and affiliates own about 16.25% of Wendy's and would roll that stake, CNBC and Street Insider reported1. Street Insider said the group stated the deal would not require new debt financing and would not be subject to a financing condition, and that it expects a special committee of independent directors to review the bid.
Wendy's shares rose about 15% after the offer, CNBC said1. FOX 8 Cleveland, carrying Associated Press copy, said the Dublin, Ohio, company declined to comment Wednesday. Whether the board will negotiate, and on what terms, was not established in the accounts reviewed1.
