No. 3 hamburger chain Wendy's International(WEN Quote) on Thursday agreed to be acquired by Arby's franchisor Triarc Companies(TRY Quote) in an all-stock deal worth about $2.34 billion.
The combination, which had been discussed for months, would create a combined chain featuring 10,000 restaurants that generated $12.4 billion in pro forma sales last year, the companies said in a press release. The two chains will continue to be run as separate branded businesses.
Under the deal, Wendy's shareholders would receive 4.25 shares of Triarc Class A common stock for each share of Wendy's common stock. Triarc shares closed down 1.7% to $6.30, a 5.7% premium to Wendy's closing price of $25.32 Wednesday. The total value of the deal, based on 87.4 million Wendy's shares outstanding, is about $2.34 billion. ...
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