Wendy's International Inc. has been on the block since June. And the front runner to bid for the hamburger chain, billionaire Nelson Peltz, has taken one step closer to a possible deal, gaining access to Wendy's books. Peltz through his Triarc Cos. and Trian Fund Managment LP, which is Wendy's largest owner with a 9.8% stake, in a regulatory filing signed a confidentially agreement Aug. 27 to reveal its books to Wendy's. Experts say that Peltz could offer as much as $3.23 billion for the hamburger chain. As part of the agreement, Triarc and Trian have agreed that they will
not purchase additional shares of Wendy's prior to December 1, 2007,
unless certain circumstances of the agreement are met. Only last month, Peltz said he was willing to pay between $37 and $41 per share for Wendy's through his Triarc Cos. In June, Dealscape highlighted the Dublin, Ohio-based burger chain hired J.P.
Morgan as lead adviser and Lehman Brothers Inc. as co-adviser. — Gerald Magpily
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Tags: m&a, Wendy's and Nelson Peltz
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