The billionaire investor known for pushing
corporations to make changes to boost their stock price has a new
challenge: turning around one of the fast-food industry's more
notable names and doing it during a slumping economy.
Atlanta-based Triarc Cos., owned by Nelson Peltz, said Thursday
it will pay about $2.34 billion in an all-stock deal for
Wendy's
International Inc., the nation's third-largest hamburger chain,
known for its square hamburger and chocolate Frosty dessert.
Peltz has pushed for change at Wendy's - including the spinoff
of the Tim Hortons coffee-and-doughnut chain and cutting corporate
expenses - since 2005 to increase the company's stock price. His
Trian Fund and his allies own 9.8 percent of Wendy's stock.
It's a similar tactic Peltz has used at other companies where
Trian has become a significant investor, such as Cadbury Schweppes
PLC and
H.J. Heinz Co. Trian also owns shares of
Tiffany & Co. and
The Cheesecake Factory Inc., according to regulatory filings.
clipped from: money.aol.com 