NEW YORK — Shareholders of Wendy’s and Triarc approved a $2.34 billion deal Monday that will make the nation’s No. 3 hamburger chain a part of billionaire investor Nelson Peltz’s empire.
Triarc Cos. Inc. shareholders voted from New York while shareholders of Dublin, Ohio-based Wendy’s International Inc. approved the deal from the company’s headquarters. Directors of both companies had already OK’d the transaction.
Atlanta-based Triarc operates the Arby’s fast-food chain and is owned by Peltz. Triarc said in April it would buy Wendy’s for $26.78 per share in an all-stock deal, after the chain known for its square hamburgers and the Frosty dessert rejected at least two earlier offers by Peltz.
Triarc said it will change its name to Wendy’s/Arby’s Group Inc. and will trade under the “WEN” symbol on the New York Stock Exchange. Triarc chief executive Roland Smith will take over as CEO of Wendy’s, and Kerrii Anderson, the current CEO, will step down. Smith has said job cuts will likely be necessary, but he has yet to provide any details on those plans.
