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Wall Street Roundup

Potential bidder to get Wendy's data

August 29, 2007|From Times Wire Services

Wendy's International Inc. has agreed to let a major shareholder have access to crucial information about the third-largest hamburger chain so he can decide whether to bid for the company, according to a filing Tuesday with federal regulators.

Billionaire investor Nelson Peltz has said his company, Triarc Cos., which owns fast-food chain Arby's, would be a natural buyer for Wendy's. He said last month that he was ready to offer $37 to $41 a share in a deal that would peg Wendy's value at $3.2 billion to $3.6 billion.

Peltz, who runs the Trian Fund, said in July that he and his allies had increased their stake in Dublin, Ohio-based Wendy's to 9.8% of the company's shares.

Wendy's formed a committee in April to determine ways to boost its stock price, including a possible sale.

Peltz spokeswoman Carrie Bloom declined to comment.

Wendy's shares rose 70 cents to $32.69 on Tuesday.

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