Peltz's deadline passes, but Wendy's talks go on

Nation's Restaurant News,  August 20, 2007  

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NEW YORK -- Wendy's International and suitor Triarc Cos., parent of the Arby's brand, apparently were continuing their discussions about the No. 3 burger brand's auction process despite the passing of former Triarc chairman Nelson Peltz's Aug. 1 deadline for Wendy's to meet his terms for a confidentiality agreement.

On July 30 activist investor Peltz said he was prepared to offer as much as $3.5 billion for Dublin, Ohio-based Wendy's, in which his Trian investment fund holds a 9.8-percent stake and controls three board seats.

Most of the conditions Peltz was seeking in his version of a confidentiality pact that would enable his due-diligence review of Wendy's related to prearranged staple financing.

A Wendy's spokesman said the company would not comment on the proceedings.

A spokeswoman for Atlanta-based Triarc, which owns about 1,000 of Arby's nearly 3,600 restaurants, told Reuters that Triarc was "in continuing discussions with [Wendy's] special committee regarding the terms under which Triarc would participate in the Wendy's sale process," even though Peltz's Aug. 1 deadline had passed.

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