ATLANTA and DUBLIN, Ohio─ Triarc Companies, Inc., franchisor of Arby’s, and Wendy's International, Inc. announced September 15 that their respective shareholders have approved all proposals related to the pending merger.
Upon the September 29 completion of the merger, the combined company will be called Wendy’s/Arby’s Group, Inc.
Under the merger agreement, Wendy’s shareholders will receive 4.25 shares of Triarc’s Class A common stock for each share of Wendy’s common stock that they own. In addition, each outstanding share of Triarc Class B common stock, Series 1, will be converted into one share of Triarc Class A common stock, resulting in a post-merger company with a single class of common stock.
“We believe our combination represents a major strategic opportunity to create significant long-term value for all of our stakeholders, and we are working on a comprehensive integration plan and organizational structure to support enhanced operating performance at both brands. We intend to share more detailed plans regarding the new company as soon as practicable after the transaction closes,” Roland Smith, Chief Executive Officer of Triarc, said.
Wendy’s/Arby’s Group will have a consolidated support center based in Atlanta, Georgia, which will oversee all public company responsibilities and shared service functions. The headquarters of the Wendy’s brand will remain in Dublin, Ohio, and the headquarters of the Arby’s brand will remain in Atlanta, Georgia.
