Shareholders sue Wendy's, execs over Triarc buyout

Nation's Restaurant News, May 12, 2008

FRANKLIN, OHIO -- An intended class-action shareholder lawsuit has been filed in Common Pleas Court here against Wendy's International Inc. and some of its executives and directors over the pending sale of the company to Arby's parent Triarc Cos. Inc.

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Plaintiffs' attorney Holzer Holzer & Fistel LLC said the defendants are alleged to have breached a fiduciary responsibility to shareholders. The law firm did not identify a lead plaintiff or reveal how many investors were participating.

Last month Wendy's agreed to be acquired by Triarc in a stock swap valued at $2.34 billion. Under the agreement, 4.25 shares of Triarc will be exchanged for each Wendy's common share.The deal has been approved by both companies' boards but hasn't yet been ratified by shareholders.