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CHICAGO-Though it canceled the transaction, Triarc Cos. said it is still in discussion to sell Chicago-based Deerfield & Co., which includes the subsidiary asset management firm Deerfield Capital Management, to Deerfield Triarc Capital Corp., based here. Triarc, the franchisor of Arby’s restaurant system, said earlier this year that it wanted to divest the asset management firm and focus on its restaurants.

Deerfield Triarc said in a press release that it has not been able to complete financing necessary to consummate the acquisition, “due to instability in the credit markets.” The original April agreement had said that both parties had the right to terminate the agreement by Oct. 19. Deerfield Triarc reportedly had agreed to buy Deerfield & Co. for $290 million in stock purchases and cash.

Triarc said in its press release Monday that it is examining other options to “realize the value of its ownership interest in Deerfield, including a sale of its interest in Deerfield to another buyer or a spin-off to Triarc’s shareholders.” The Arby’s restaurant system is comprised of about 3,600 restaurants, of which 1,081 are owned and operated by Triarc subsidiaries.

Both of the companies said in press releases that their board of directors have not reached any decision or consideration of revised terms or conditions. Once Triarc sells the company, it plans to change its name and begin operating from its Arby’s Restaurant Group office in Atlanta.

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