Triarc (TRY) and Wendy's (WEN) Shareholders Approve Merger
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Triarc Companies, Inc. (NYSE: TRY), the parent company of Arby's Restaurant Group. which is the franchisor of the Arby's restaurant system, and Wendy's International (NYSE: WEN), announced that their respective shareholders have approved all proposals related to the pending merger.
Upon consummation of the merger, the combined company will be called Wendy's/Arby's Group, Inc. and will trade under the symbol "WEN" on the New York Stock Exchange. Triarc and Wendy's(R) expect that the merger will be consummated on or about September 29, 2008.
Under the merger agreement, Wendy's shareholders will receive 4.25 shares of Triarc's Class A common stock for each share of Wendy's common stock that they own. In addition, each outstanding share of Triarc Class B common stock, Series 1, will be converted into one share of Triarc Class A common stock, resulting in a post-merger company with a single class of common stock.
Roland Smith, Chief Executive Officer of Triarc, said: "We are very pleased that the shareholders of both Triarc and Wendy's have approved the merger, and we look forward to working together with employees of both companies in setting a new course for Wendy's/Arby's Group."
Kerrii Anderson, CEO and President of Wendy's, said: "We are committed to a seamless transition as the merger closes, working closely with the Triarc team. Wendy's has a strong foundation with outstanding employees and franchisees to help drive growth for the new company."
Wendy's/Arby's Group will have a consolidated support center based in Atlanta, Georgia, which will oversee all public company responsibilities and shared service functions. The headquarters of the Wendy's brand will remain in Dublin, Ohio and the headquarters of the Arby's brand will remain in Atlanta, Georgia
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