Los Angeles Times is on top of breaking news in QSR land.
The owner of Arby’s said today it is buying Wendy’s International Inc. in an all-stock deal worth $2.34 billion that comes after the burger chain’s board rejected at least two earlier offers by the company.
Triarc Companies Inc., which is owned by billionaire investor Nelson Peltz, will pay about $26.78 per share for the company, which has about 87 million shares outstanding. The price is a premium of 6% from the company’s closing price of $25.32 Wednesday.
Pam Thomas Farber, 53, daughter of Wendy’s founder Dave Thomas, said the family was devastated by the news.
Farber said the family had a supported an alternate bid led by Wendy’s franchisee David Karam, president of Cedar Enterprises Inc.