Triarc, Wendy's shareholders approve merger
September 15, 2008
by FoodBusinessNews.net Staff
ATLANTA — Triarc Companies, Inc. and Wendy’s International have announced that both companies’ shareholders have approved a pending merger. Triarc is the parent company of Arby’s.
After the merger, the new combined company will be called Wendy’s/Arby’s Group, Inc.
"We are very pleased that the shareholders of both Triarc and Wendy’s have approved the merger, and we look forward to working together with employees of both companies in setting a new course for Wendy’s/Arby’s Group," said Roland Smith, chief executive officer of Triarc. "We believe our combination represents a major strategic opportunity to create significant long-term value for all our stakeholders, and we are working on a comprehensive integration plan and organizational structure to support enhanced operating performance at both brands."
Wendy’s/Arby’s Group will have a support center in Atlanta that will oversee all public company responsibilities and shared functions, but the Wendy’s brand headquarters will remain in Dublin, Ohio, and the Arby’s headquarters will remain in Atlanta.
As a part of the merger agreement, Wendy’s shareholders will receive 4.25 shares of Triarc’s Class A common stock for each share of Wendy’s common stock they own. In addition, each outstanding share of Triarc Class B common stock will be converted into one share of Triarc Class A common stock.
"We are committed to a seamless transition as the merger closes, working closely with the Triarc team," said Kerrii Anderson, president and chief executive officer of Wendy’s. "Wendy’s has a strong foundation with outstanding employees and franchisees to help drive growth for the new company."