From Financialpost · · 1m
Blackwells Rejects Trian's Wendy's Offer
Blackwells says Trian's $7.35 per share Wendy's bid is too low and lacks fair protections.
In brief
Blackwells says Trian's $7.35 per share Wendy's bid is too low and lacks fair protections. Blackwells will fight Trian's proposal to buy Wendy's for $7.35 per share as undervalued and unfair. Originally reported by Financialpost.
Blackwells Statement
Blackwells Capital LLC issued a statement rejecting Trian's $7.35 per share acquisition proposal for Wendy's.
“Proposal Dramatically Undervalues Wendy’s and Lacks the Basic Protections of a Fair Insider Transaction; Blackwells Will Pursue Every Lawful Avenue to Ensure It Does Not Succeed as Proposed”
Trian's Proposal Details
Trian Fund Management, Nelson Peltz, Peter May and Matthew Peltz proposed to acquire Wendy's for $7.35 per share in cash.
Wendy's Condition
Wendy's has faced capital shortages, strategic issues and declining sales under Trian's leadership.
Trian's History with Wendy's
Nelson Peltz has been Wendy's director since 1993 and chairman for seventeen years.
Wendy's Share Price Drop
Wendy's shares fell from $20 per share two years ago to $7.35 per share in the proposal.
Trian's Shareholding
Trian proposes to keep its 16.3% stake rather than sell on the terms offered to others.
Blackwells' Stance
Blackwells will pursue every lawful avenue to ensure Trian's proposal does not succeed.
The essence
Blackwells will fight Trian's proposal to buy Wendy's for $7.35 per share as undervalued and unfair.
