Arby’s buying Wendy’s for $2.3B; job cuts likely
Business First wrote Arby’s buying Wendy’s for $2.3B; job cuts likely in Dublin
by Dan Eaton
Thursday, April 24, 2008
Wendy’s International Inc. said Thursday it has agreed to be bought by the parent of the Arby’s fast-food chain. Atlanta-based Triarc Companies Inc. will pay $2.34 billion for Dublin-based Wendy’s, significantly below what the company had been willing to pay for the chain last summer.
The all-stock deal calls for Wendy’s shareholders to receive 4.25 shares of Triarc stock for each share of Wendy’s they own. The deal has been approved by the boards of both companies.
How many jobs will be lost at the Dublin headquarters is unclear, but the release puts annual savings from the elimination of duplicate corporate functions and streamlined support services at $60 million. Wendy’s employs 550 regionally.