Investor makes bid for Wendy's

Billionaire investor Nelson Peltz submitted an offer to buy Wendy's International Inc., but the proposed price is below what he previously said the nation's third-largest hamburger chain is worth, according to a regulatory filing Tuesday.

Peltz's Triarc Co., which owns fast-food chain Arby's, submitted the bid Monday, according to the filing by Peltz's hedge fund, Trian Fund Management LP. In April, Wendy's formed a committee to look at ways the company could boost its stock price, including a possible sale.

In July, Triarc was prepared to make an offer to buy Wendy's for $37 to $41 per share, or $3.2 billion to $3.6 billion. The filing said Triarc's proposed price is below the range indicated over the summer.

The price, though, came before Wendy's agreed to provide Peltz with confidential and proprietary information that he said was needed to make a bid.

The filing did not indicate what the offer was, saying only that it was primarily cash with some Triarc equity. Peltz spokeswoman Carrie Bloom said the company had no comment on the filing.

Trian and its allies control 9.8 percent of Wendy's stock.

Pushed by Peltz and other activist shareholders, Wendy's has spun off its Tim Hortons coffee-and-doughnut chain and sold its money-losing Baja Fresh Mexican Grill. Peltz also gained control of three seats on the company's board last year.

Through his Trian funds, Peltz also has pushed for change at other companies, including H.J. Heinz Co. and Cadbury Schweppes PLC.

Messages seeking comment were left Tuesday with Wendy's. The company has previously declined to comment on the process and has not disclosed who else may be bidding on the chain.

David Karam, president of Cedar Enterprises Inc., the owner of 134 Wendy's restaurants, has also said he wants to make a bid for Wendy's.

Wendy's, based in this Columbus suburb, operates about 6,600 restaurants in the United States and abroad. Its bigger rivals are McDonald's and Burger King Holdings Inc.

The filing came after the stock market closed Tuesday. Wendy's stock rose 5 cents to $31.65. The shares have traded between $29.56 and $42.22 in the past year.

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On the Net:

Wendy's International Inc.: http://www.wendys.com