Peltz Ready to Bid Up to $41/Share for Wendy's

Billionaire investor Nelson Peltz, who owns fast-food chain Arby's, as well as a stake in Wendy's Intl., said he is prepared to offer $37-$41 a share for the third-largest hamburger chain in the U.S.. In a letter to Wendy's chairman James Pickett, which was filed with the SEC, Peltz said Arby's, would be a "natural, strategic buyer" for Wendy's. Peltz's Trian Fund, which recently increased its holdings in Wendy's to 9.8%, has been pushing for the company to increase shareholder value, including a spin-off of the Tim Hortons coffee chain. Wendy's had said in April that it was exploring a sale of the company, a move CEO Kerrii Anderson said was driven by the board, which includes three Peltz nominees. Peltz's strategy also has led to the sale of the Baja Fresh chain to an investment group. Arby's, which is controlled by Peltz's Triarc Cos., operates more than 3,000 restaurants. Wendy's operates some 6,600 restaurants. Wendy's jumped 81 cents to $34.50 AH after rising 16 cents to $33.69 Monday.

Sources: AP, CNBC
Commentary: Wendy's International: Peltz Wants His Triarc Unit to Participate in Sale Process • A Final Word On Wendy's
Stocks/ETFs to watch: WEN, TRY. Competitors: MCD, YUM

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