Hedge fund Tudor garners a 6.1% share of in-play Wendy's

Nation's Restaurant News,  July 2, 2007  

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GREENWICH, CONN. -- Tudor Investment Corp., a hedge fund that is controlled by billionaire Paul Tudor Jones II and manages more than $17 billion in assets, has acquired through its funds a 6.1-percent stake in Wendy's International Inc.

The holding was garnered as Wendy's explores future strategic alternatives, which it said last month may veer more toward a sale of the company than toward other options, like a securitization or refinancing.

Tudor, which sold its previous holding of 2.42 million Wendy's shares late last year for an estimated gain of up to 15 percent, had bought another 5.33 million Wendy's shares as of June 13 for undisclosed prices, according to Tudor's filing with securities regulators. The filing also indicated that Tudor was taking a passive position.

Securities analyst John S. Glass at CIBC World Markets in Boston said in a June research note that Dublin, Ohio-based Wendy's, which is parent to the No. 3 burger brand, could fetch a sale price of between $31 per share and $38 per share, "at best."

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