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.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.