Wendy's International
(NYSE:WEN) has agreed to let a major shareholders have access to
confidential financial information about the third-largest hamburger
chain so he can decide whether or not to bid for the company, according
to a
Schedule 13D/A filing made today with the SEC.
Billionaire
investor Nelson Peltz, who owns 9.8 percent of Wendy's, has been
lobbying for a sale of the company to his own Triac which owns
fast-food chain Arby's. In the past, he has indicated a willingness to
pay between $37 and $41 per share in a deal worth $3.2 billion to $3.6
billion.
Wendy's agreed today to provide Peltz and Triarc with
critical financial information that will enable them to evaluate a
potential bid on the condition that they do not acquire any more shares
in the company before December 1, 2007. Shares in the company moved up
over 3 percent today on the news.
Shareholders - disappointed
with the stalling share price recently - are hoping that the company
can reach an agreement to be sold. Whether or not we will see an offer
for the company remains to be seen, but this is definitely a
stock to watch during the next few months!
Related CompaniesMcDonald's Corporation (MCD)Triarc Companies (TRY)Rubio's Restaurants (RUBO)