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Replace 6:05pm: Provides Wendy’s assertion.
Wendy’s (NASDAQ:WEN) jumped 15% in after hours buying and selling after its largest holder Trian proposed a possible acquisition of the fast-food chain.
Trian Companions, which is run by famed billionaire investor Nelson Peltz, disclosed proudly owning a complete of 41.6 million shares of Wendy’s (WEN), or a 19.4% stake, in a 13D submitting.
Wendy’s stated in an announcement that it’s going to “rigorously” assessment any proposal submitted by Trian.
Earlier right this moment Trian knowledgeable the Wendy’s (WEN) board that it plans to discover a transaction with the corporate, in line with the submitting. Wendy’s has a market cap of about $3.6 billion.
“Such a possible transaction may embrace an acquisition, enterprise mixture (similar to a merger, consolidation, tender provide or related transaction) or different transaction that will end result within the acquisition of management of the Firm by the Submitting Individuals …” Trian stated within the submitting.
Trian and Peltz have an extended historical past with the hamburger chain and have been holders of Wendy’s (WEN) for nearly twenty years. Recall that in 2008 Triarc Cos., the funding arm of Peltz, bought Wendy’s for $2.2 billion on the time, combining the hamburger chain with the Arby’s chain. In 2011, Wendy’s bought nearly all of Arby’s for $130 million in money to a personal fairness agency.
Recall that in July 2018 the WSJ reported that Papa John’s (PZZA) founder John Schnatter held merger talks with Wendy’s officers.
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