In his filing, Peltz stresses that Triarc is not making a formal offer for Wendy's but says he would like his locally-based outfit to "be provided access to the terms of the staple financing being offered by your financial advisors." He takes issue with a one-year standstill clause issued by Wendy's that does not allow Triarc to participate in the bidding process.
According to a Wendy's proxy statement filed with the SEC this year, Triarc affiliate Train Fund Management owns 8.3% of Wendy's common shares. Triac controls the 3,600-unit Arby's chain, of which 1,000 restaurants are company owned and the rest are operated by franchisees.
Same-store sales at Arby's were down 1% year over year during its first quarter, while total sales rose to $266.5 million from $258.8 million at company-owned restaurants. Triarc's management plans to open 35 Arby's this year and expects franchisees to develop 338 new units through 2013.
At the end of its first quarter, Wendy's operated 6,658 restaurants internationally. Management anticipates 65 to 90 new-unit openings this year and as many closures.
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