Posted April 24, 200817 yr Arby's owner buying Wendy's for $2.34 billion in stock deal Thursday, April 24, 2008 8:38 AM Updated: Thursday, April 24, 2008 09:50 AM COLUMBUS, Ohio (AP) -- The owner of Arby's said today it is buying Wendy's International Inc. in an all-stock deal worth $2.34 billion that comes after the burger chain's board rejected at least two earlier offers by the company. Triarc Companies Inc., which is owned by billionaire investor Nelson Peltz, will pay about $26.78 per share for the company, which has about 87 million shares outstanding. The price is a premium of 6 percent from the company's closing price of $25.32 Wednesday. Pam Thomas Farber, 53, daughter of Wendy's founder Dave Thomas, said the family was devastated by the news. "It's a very sad day for Wendy's, and our family. We just didn't think this would be the outcome," she said. FULL ARTICLE: http://www.dispatch.com/live/content/local_news/stories/2008/04/24/wendy.html
April 24, 200817 yr So now we are going to see the Wendys/Arbys combo restaurant similar to the Taco Bell/KFC restaurants. Hopefully this doesn't take jobs out of C-bus, which I don't think it will. Taco Bell still has a hdqts in Irvine yet is owned by Yum Brands.
April 24, 200817 yr Not sure how I feel about this news. On one hand, I always thought Wendy's was a cut above other fast food like McD's and BK. On the other hand, I really feel like Wendy's has slid in recent years. I'm still more shocked that they closed the first Wendy's restaurant than I am by this news.
April 24, 200817 yr Hmmm...can't seem to recall the last time I ate at either of these fine establishments. :wink:
April 24, 200817 yr Updated Dispatch story... Arby's owner buying Wendy's for $2.34 billion in stock deal Thursday, April 24, 2008 8:38 AM Updated: Thursday, April 24, 2008 09:50 AM By Monique Curet, THE COLUMBUS DISPATCH Wendy’s International, the Dublin-based burger chain, has agreed to merge with Triarc Cos., the parent of Arby’s, the companies said today. The move comes on the heels of public bickering between the companies. Late last week, Triarc said Wendy’s had rejected two of its offers, and Wendy’s fired back with its own statement about dissatisfaction with the process. The all-stock transaction is valued at $2.3 bilion and will give Wendy’s shareholders 4.25 shares of Triarc Class A common stock for each share of Wendy’s stock. Under the terms of the deal, Wendy’s shares would be worth $26.78 each, based on yesterday’s $6.30 closing price of Triarc shares. Wendy’s shares closed yesterday at $25.32. Wendy’s headquarters will remain in Dublin, according to a news release. But Triarc also will build a “consolidated support center” in Atlanta, where Arby’s is based, to oversee central functions. FULL ARTICLE: http://www.dispatch.com/live/content/local_news/stories/2008/04/24/wendy.html?sid=101
April 24, 200817 yr This is horrible. I hate ATL. I thought Wendy's new advertising campaign was doing a decent job, well at least to me they were. Persuading the general public that their food was more "fresh" than the competition.
April 24, 200817 yr ^ Why hate Atlanta? Atlanta can't control what companies want to do with there business. Might as well hate the USA for Atlanta being in it. lol
April 24, 200817 yr ^ Why hate Atlanta? Atlanta can't control what companies want to do with there business. Might as well hate the USA for Atlanta being in it. lol I'm not being serious, the comment was in jest. I'm just expressing my emotions without thought.
April 24, 200817 yr Arby's buying Wendy's for $2.3B; job cuts likely in Dublin Business First of Columbus - by Dan Eaton Business First Thursday, April 24, 2008 - 12:01 PM EDT Wendy's International Inc. said Thursday it has agreed to be bought by the parent of the Arby's fast-food chain. Atlanta-based Triarc Companies Inc. will pay $2.34 billion for Dublin-based Wendy's, significantly below what the company had been willing to pay for the chain last summer. The all-stock deal calls for Wendy's shareholders to receive 4.25 shares of Triarc stock for each share of Wendy's they own. The deal has been approved by the boards of both companies. At $26.78 a share, based on Wednesday's closing prices, the value of the deal is significantly less than the $37 to $41 a share Triarc initially said it would be willing to pay for Wendy's in July. That would have put the value of the deal at between $3.2 billion and $3.6 billion. The deal, which still needs approval of both companies' shareholders, brings a year of uncertainty to a close for Wendy's, which announced the formation of a special committee and the possibility of a sale on April 25 last year. FULL ARTICLE: http://www.bizjournals.com/columbus/stories/2008/04/21/daily25.html
April 24, 200817 yr Such a shame. I think it's safe to say that the Wendy's we all knew and loved died with the passing of Dave Thomas. Since then they lost their identity, closed their original store, and messed around with their menu. It's too bad the deal that the family supported didn't pan out. Central Ohio looses a Fortune 500 company in this deal as well, even though Triarc says it will maintain Wendy's HQ's in Dublin. As with any merger, job cuts are likely. Hopefully there won't be too many on our end.
April 24, 200817 yr Such a shame. I think it's safe to say that the Wendy's we all knew and loved died with the passing of Dave Thomas. Since then they lost their identity, closed their original store, and messed around with their menu. It's too bad the deal that the family supported didn't pan out. Central Ohio looses a Fortune 500 company in this deal as well, even though Triarc says it will maintain Wendy's HQ's in Dublin. As with any merger, job cuts are likely. Hopefully there won't be too many on our end. Without mentioning any agencies. The Death of Dave was the down spiral. The creative behind him as the "honest" face of the company died when he died. Also, as mentioned the constant menu turned people off. Wendy's isn't in multiple locations as Mickey D's and BK and often thought of as more expensive.
April 24, 200817 yr The only reason I ever ate at Wendy's (over the other fast-food joints) was because it was an Ohio company. That sole reason is now gone.
April 24, 200817 yr Funny how a once Ohio company (Arby's) bought out a now once Ohio company. "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
April 24, 200817 yr Definately. "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
April 24, 200817 yr I know us Zanesville folks will be watching this as we are home to the Wendy's bun factory, which has two facilities here. They are one of the areas largest employers, and have been here for a long time. I hope they stay! :|
April 24, 200817 yr Could Wendy's had become a private company to prevent this? Or that would have strapped them for cash and from expanding more?
April 24, 200817 yr Wow, I didn't know that. Was Arby's once based out of Boardman? http://www.urbanohio.com/forum2/index.php/topic,14519.msg235155.html#msg235155
April 25, 200817 yr WSJ has some more detail on the acquisition Basically, it looks like Peltz pushed for this repeatedly, and forced the issue of a sale. Then with the credit markets drying up, his was one of two offers left. He edged out the Karam led deal. After Two Years, Peltz Finally Makes a Deal for Wendy's Arby's Owner to Buy The Burger Chain For $2.34 Billion By JANET ADAMY April 25, 2008 After two years of haranguing Wendy's International Inc. management, investor Nelson Peltz finally got his way Thursday as his Triarc Cos. agreed to buy the hamburger chain for $2.34 billion, trumping a competing offer favored by many Wendy's franchisees and employees. FULL ARTICLE: http://online.wsj.com/article/SB120901365044241043.html?mod=wsjcrmain
April 25, 200817 yr Actually, this article from the NY Times give a better background behind Triarc and Wendy's interactions over the last two years. Peltz Offer Is Accepted by Wendy’s By MICHAEL J. de la MERCED Published: April 25, 2008 After more than two years of bickering, Wendy’s International and Nelson W. Peltz have tied the knot. Wendy’s, the financially troubled fast-food chain, said Thursday that it had agreed to sell itself for about $2.3 billion to Mr. Peltz’s Triarc Companies, the parent of the Arby’s restaurant chain. The deal will create one of the nation’s largest fast-food chains.
April 26, 200817 yr How many people does Wendy's corp. headquarters employ? According to Wikipedia, they're the 15th largest employer in Central Ohio with 4500 jobs. http://en.wikipedia.org/wiki/List_of_largest_Central_Ohio_employers
April 27, 200817 yr I wonder if we'll ever see Wendy's, Arby's, and Tim Horton's all under one roof. didn't tim horton's buy themselves back from wendy's? i thought i heard that.
April 27, 200817 yr Without mentioning any agencies. The Death of Dave was the down spiral. The creative behind him as the "honest" face of the company died when he died. Also, as mentioned the constant menu turned people off. Wendy's isn't in multiple locations as Mickey D's and BK and often thought of as more expensive. Truth. Wendys needs to reinvigorate itself. Other restaurants do a much better job.
May 1, 200817 yr Wendy's going large on CEO switch Cost set at $21 million if merger is completed Wednesday, April 30, 2008 - 3:29 AM By Monique Curet THE COLUMBUS DISPATCH Wendy's International will jettison its current chief executive if a proposed merger with the parent company of Arby's is approved, but Kerrii Anderson likely will have a golden parachute to cushion her landing. Anderson might be entitled to as much as $14.8 million in severance and other benefits, according to a regulatory filing. Anderson will leave Wendy's after a transition period if the sale to Triarc Cos. is approved by shareholders of both companies. The deal is expected to close in the second half of the year. Anderson's departure could cost Wendy's a total of $21 million, after the company pays about $6 million in taxes on her behalf, according to the filing late Monday with the Securities and Exchange Commission. FULL ARTICLE: http://www.dispatch.com/live/content/business/stories/2008/04/30/wen_compensation.ART_ART_04-30-08_C8_5RA29N2.html?sid=101[/size]
May 1, 200817 yr Can the Arby's merger save Wendy's? The home of the square burger has been struggling since founder Dave Thomas died in 2002. Now the owner of a rival chain is betting that he can bring back the sizzle. By BusinessWeek The latest in a series of disappointing earnings reports from Wendy's International was overshadowed last week by the news that Triarc, parent of rival fast-food franchiser Arby's, was buying the struggling hamburger joint in an all-stock deal worth $2.3 billion. It marks the end of a nearly 2½-year campaign by Nelson Peltz, who owns 10% of Wendy's through his ownership of Trian Partners, to force a turnaround at the hamburger chain. The deal news pushed Wendy's shares up 4.2% on April 24, the day the deal was announced, and they've climbed an additional 9% in the days since. FULL ARTICLE: http://articles.moneycentral.msn.com/Investing/Extra/CanArbysMergerSaveWendys.aspx
July 27, 200816 yr Naming of post-sale officers Losing bidder to be Wendy's president Saturday, July 26, 2008 - 6:02 AM By Monique Curet THE COLUMBUS DISPATCH The Upper Arlington man who led a failed bid to buy Wendy's International instead will serve as the company's president after its sale to Triarc. J. David Karam, 50, leads Cedar Enterprises, which owns more than 100 Wendy's restaurants across the country. Backed by two private-equity firms, he battled Triarc, parent of Arby's, for ownership of Wendy's. By all accounts, Karam came very close to buying the burger chain but was bested at the last minute by Triarc, led by billionaire investor Nelson Peltz. Karam's father, Joseph, was one of the original investors in Wendy's when Dave Thomas started building the chain almost 40 years ago. Karam's appointment sent a signal that Wendy's headquarters will remain in Dublin, one franchisee said. Read more at http://www.dispatch.com/live/content/local_news/stories/2008/07/26/wendy_leadership.ART_ART_07-26-08_A1_CPARN5U.html?sid=101
July 28, 200816 yr They should just go out of business, their food is disgusting. Stop talking, because you clearly don't know what you're talking about.
July 28, 200816 yr Wellllll, he may have a point. After all: Jamocha Shake > Frosty Curly Fries > Wendy's Fries clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
August 2, 200816 yr From here: http://walker.columbusunderground.com/?p=801 <b>Can I still be mad at Wendy's for a second?</b> Andrew Miller <a href="http://www.columbusunderground.com/phpBB2/viewtopic.php?t=15726">posted some info</a> on Columbus Underground this morning about Wendy's giving away some free food downtown for lunch. That's all fine and dandy, but I'm still pretty mad that they closed all three of their downtown locations, finishing up with the <a href="http://www.columbusunderground.com/phpBB2/viewtopic.php?t=7110">original location</a>. I ranted a bit about it <a href="http://www.columbusunderground.com/phpBB2/viewtopic.php?t=11446">here</a> back in January. Anyway, since then, the parent company of Arby's <a href="http://www.columbusunderground.com/phpBB2/viewtopic.php?t=13754">has bought out</a> Wendy's and has recently named J. David Karam as the <a href="http://www.columbusunderground.com/phpBB2/viewtopic.php?t=9839&start=3">new president</a> of Wendy's. I don't know much about the guy aside from what I've read online, but it sounds like they couldn't have picked a better leader for the company. The guy obviously cares a lot about the brand, and is close to the Thomas family. I'm going to even go as far as saying that he could potentially be the guy to bring back the original downtown location. It was closed down about a year and a half ago due to poor sales outside of lunchtime, but with their other two downtown locations gone and a steady revitalization of downtown still progressing, I'm sure the location could be brought back as a money maker. For those who have never been, the original Wendy's location served as a fast food restaurant as well as a museum of sorts. The walls were covered with Wendy's memorabilia, and the <a href=" remained original to the 1960's era launch of the restaurant. It was always crowded during the lunchtime rush, and there was plenty of public outcry when it was announced as closing down. I think Dave Thomas even spun in his grave a bit. Anyway, in the meantime, here's where you can go get your free lunch today near the Statehouse. Just a few blocks west of the original Wendy's: <img src="http://farm4.static.flickr.com/3104/2720066982_38bce003cd.jpg?v=0" />
August 4, 200816 yr ^Now the truth has been spoken! That Wendy's event at the Statehouse grounds was nice. But re-opening the original Wendy's on East Broad Street would be much better. Only time will tell, but the post-merger news is at least encouraging. That location could be a moneymaker again. But even if it isn't - so what. Wendy's has thousands of wildy profitable locations nationwide. They can afford one underperforming location. Especially if that location is the original Wendy's that all the other profitable ones sprung from. I'm just concerned that if Wendy's uses its typical store-by-store analysis, then the original East Broad Street restaurant would likely stay closed. The original Wendy's does not have a drive-thru. So despite having a busy lunch trade, it underperforms at all other times. Their standard analysis is what closed it down in the first place. Like I said, only time will tell, but the post-merger news is at least encouraging. Here's hoping Wendy's reconnects with its roots and reopens the original East Broad Street restaurant.
August 4, 200816 yr I'm just concerned that if Wendy's uses its typical store-by-store analysis, then the original East Broad Street restaurant would likely stay closed. The original Wendy's does not have a drive-thru. So despite having a busy lunch trade, it underperforms at all other times. Their standard analysis is what closed it down in the first place. If that's the case, then why couldn't they just run the place from 11am to 3pm instead of completely closing down? Sometimes you have to make adjustments to remain relevant. Plenty of other lunch spots downtown have similar hours.
September 17, 200816 yr TRIARC AND WENDY'S: THE TRANSITION Wendy's future remains clouded Triarc has much to do after it gains control Monday of the Ohio-born hamburger chain Sunday, September 14, 2008 By Monique Curet THE COLUMBUS DISPATCH If shareholders of Wendy's International do the expected tomorrow and sign off on the company's sale, the burger chain's new owners will have much work ahead. Turning around Wendy's lackluster performance will be difficult, observers and stakeholders said. But combining with Arby's will offer some advantages that could make it easier. Tomorrow, shareholders of Wendy's International will vote on the sale of the burger chain to Triarc Cos. Details of the sale • Buyer: Triarc is the parent company of Arby's, a 3,700-restaurant chain based in Atlanta. • Sale price: The deal was worth $2.3 billion. The all-stock transaction will give Wendy's shareholders 4.25 shares of Triarc stock for each share of Wendy's stock. At the time the deal was announced in April, Wendy's shareholders could expect a 6 percent premium. • New company: The combined companies will have approximately 10,000 restaurants and annual sales of $12.5 billion, making it the country's third-largest quick-service restaurant company. • Company leaders: Roland Smith, Triarc's chief executive, will be Wendy's chief executive. J. David Karam, an Upper Arlington man who's a Wendy's franchisee, will be president. • Company headquarters: Wendy's headquarters will remain in Dublin and Arby's will stay in Atlanta. Triarc will open a center in Atlanta for handling services duplicated by the companies. Read more at http://www.dispatch.com/live/content/business/stories/2008/09/14/Wendys_future_story_two.ART_ART_09-14-08_D1_IOBA5U8.html?sid=101
September 17, 200816 yr Sale of Wendy's to Triarc approved Monday, September 15, 2008 - 12:08 PM By Monique Curet THE COLUMBUS DISPATCH It's official: Wendy's International will be sold to Triarc Cos., parent of Arby's. Shareholders of both companies today approved the sale, expected to close Sept. 29. The new company will be called Wendy's/Arby's Group Inc. and will trade under the WEN ticker symbol on the New York Stock Exchange. Two members of Wendy's board of directors, Janet Hill and J. Randolph Lewis, will serve on the board of the new company. The family of Wendy's founder Dave Thomas said the day's events were difficult. "It was like burying our dad all over again," said Pam Farber, daughter of Dave Thomas and a Wendy's franchisee. Wendy Thomas, the company's namesake and another Thomas daughter, brought her 16-year-old son to the meeting and told him, "This is the last of Wendy's International as you know it and as I know it." FULL ARTICLE: http://www.dispatch.com/live/content/business/stories/2008/09/15/wendy_triard.html?sid=101
September 25, 200816 yr The only reason I ever ate at Wendy's (over the other fast-food joints) was because it was an Ohio company. That sole reason is now gone. For Ohio companies, you still have the following: Bob Evans Tee Jaye's Country Place (like Bob Evans but only in and around Columbus) East of Chicago Pizza Co. Skyline Chili (just broke free from some company based in Rhode Island) LaRosa's Frisch's Gold Star Chili That's all I can think of at the moment.
September 25, 200816 yr ^mr hero marco's pizza is the message here, if you're gonna eat crap, keep the money in ohio?
September 25, 200816 yr ^Donatos was owned by McDonald's. But the founder Jim Grote bought the business back from McD's in 2003. From wikipedia at http://en.wikipedia.org/wiki/Donatos_Pizza: "Donatos Pizza is a "fast casual" restaurant chain founded in 1963 by college sophomore Jim Grote. The first Donatos was established in Columbus, Ohio. Donatos was also briefly owned by McDonald's, along with Boston Market and Chipotle Mexican Grill, but a majority interest in Donatos was repurchased by Grote as McDonald's sought to refocus on its core business."
September 26, 200816 yr I buy frozen Donatos pizzas in Columbus at Kroger. They're 8-9 bucks for a large. Not bad considering it tastes exactly the same.
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