Wendy's (WEN) To Announce Transaction With Operational, Activist Investor Peltz
Wendy's (NYSE: WEN) to announce transaction with operational, activist investor Nelson Peltz. The deal specifics are unclear, but the Wall Street Journal cited someone close ot the situation. But the Wendy's board voted on Wednesday to approve the transaction involving Mr. Peltz, this person said.
The move puts an end to the year-long saga that began when Wendy's first said it would consider a sale last April after Mr. Peltz began pressuring the chain.
A sale of Wendy's seemed likely last year, when bidders including Triarc Cos., the parent of the Arby's chain, where Mr. Peltz is chairman, began stepping forward to say they wanted to bid for Wendy's. But the tightening of the credit markets in the fall drove away many of the interested parties, leaving Wendy's with few options. [jt]
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