Trian Partners Waives Conditions to Wendy's/Arby's Tender (WEN) Offer
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Trian Partners announced that it has waived certain conditions to its previously announced tender offer related to the absence of specified declines in certain market indices and the market price for the Wendy's/Arby's (NYSE: WEN) shares but only to the extent such declines have occurred to date.
Trian Partners' tender offer to purchase up to 40,000,000 shares of Wendy's/Arby's Group, Inc. Class A Common Stock for cash at a price equal to $4.15 net per Share was made subject to certain conditions, including that there shall not have been (i) any decline in either the Dow Jones Industrial Average, or the Standard & Poor's Index of 500 Industrial Companies or the NASDAQ-100 Index by an amount in excess of 10% measured from the close of business on November 5, 2008 or any material adverse change in the market price in the Wendy's/Arby's shares or (ii) a 10% decrease, measured from the close of trading on November 5, 2008 in the market price for the Wendy's/Arby's shares or in the general level of market prices for equity securities in the United States.
Since commencement of the tender offer, the volatility of the financial markets has resulted in one or more of these thresholds having been exceeded on occasion from time to time. Trian Partners has determined to waive these conditions to the extent that they have been triggered to date.
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