24 April 2008 - Wendy's International Inc. on Thursday said it agreed to be acquired by Triarc Cos., the parent of rival fast food firm Arby's, in a stock deal worth about $26.78 a share, or a premium of about 6% to Wendy's closing price of $25.32 a share on Wednesday.
The transaction values the Dublin, Ohio, hamburger chain at about $2.3 billion, not including debt.
The companies said Arby's and Wendy's will operate as separate units.
Also on Thursday, Wendy's said first-quarter earnings fell 72% to $4.14 million, or 5 cents a share, from $14.7 million, or 15 cents a share, in the year-ago period.
Adjusted earnings fell to 10 cents a share, from 16 cents a share in the year-ago period.
Revenue declined to $582.2 million from $590.2 million.
Analysts surveyed by FactSet expected earning of 17 cents a share, on average.