Wendy's - another day, another love letter

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Nelson Peltz, chairman of Triarc and Trian Funds, announced that Triarc is thinking about making a bid for Wendy's. The fast food chain officially put itself up for sale in June, after officially thinking about putting itself up for sale in May, due to the gentle prompting of Highfields Capital, formely Wendy's largest institutional shareholder. Now Wendy's largest shareholder (9.8%) is Trian Funds, owned by Peltz, who is pulling a slight variation on the attempted Kerkorian maneuver of selling a company to yourself (referring to Kerkorian's rescinded attempt with Tracinda and MGM properties).
The only problem is that Peltz signed a one year agreement that prohibits Triarc from making a pass at Wendy's, in exchange for seeing the companny's super secret documents and financial data. Peltz thinks this is bogus, and wrote a SEC-filed letter to Wendy's explaining how he doesn't appreciate getting the cold shoulder from Wendy's regarding his overtures.
Triarc considers itself a natural buyer for Wendy's, leveraging its experience with oddly shaped meats as the franchisor of Arby's. Triarc has retained JPMorgan and Lehman to do its bidding.
Peltz May Step Into Wendy’s Auction [DealBook]

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