COLUMBUS, Ohio (AP) — Wendy's International Inc. has agreed to let a major shareholder have access to crucial information about the third-largest hamburger chain so he can decide whether to bid for the company.
Billionaire investor Nelson Peltz has said his company, Triarc Cos., which owns fast-food chain Arby's, would be a natural buyer for Wendy's. He said last month that he was ready to offer $37 to $41 per share in a deal that would peg Wendy's total value between $3.2 billion and $3.6 billion.
Wendy's agreed to provide Peltz with confidential and proprietary information, according to a letter filed Tuesday with federal regulators.
Peltz, who runs the Trian Fund, said in July that he and his allies had increased their Wendy's stake to 9.8 percent of the company's total shares.