MANHATTAN (CN) – Wendy’s shareholders sued to stop Triarc Cos.’ proposed $2.34 billion takeover of Wendy’s International. They claim Triarc, which also owns Arby’s, is not offering enough in the all-stock deal.
If successful, the merger would produce a fast-food chain with 10,000 outlets. Wendy’s shareholders would get 4¼ shares of Triarc for each Wendy’s share. As Triarc was trading at $6.30 when the deal was announced, the offer values Wendy’s shares at about $26.78 – a 5.7% premium over Wendy’s pre-merger price.
Wendy’s shareholders are represented in New York County Court by Ronen Sarraf with Sarraf Gentile.