Wendy's accepts buyout offer

No. 3 hamburger chain agrees to an all-stock deal with Nelson Peltz's Triarc Companies.

DUBLIN, Ohio (AP) -- Triarc says it is buying Wendy's in an all-stock deal that comes after the burger chain's board rejected at least two earlier offers by the company.

Wendy's shareholders will receive 4.25 shares of Triarc Class A stock for each share of Wendy's stock they own.

Atlanta-based Triarc Companies Inc. (TRY) says its shareholders will have to approve a charter amendment in which each share of its Class B stock will be converted into Class A stock.

Triarc is owned by billionaire investor Nelson Peltz. The company operates the Arby's chain.

The Wendy's board has been studying strategic alternatives since early last year. Sales have slid despite a struggling economy that should benefit the chain.

Wendy's International Inc. (WEN) is the nation's No. 3 hamburger chain.

Source: CNNMoney.com