FRANKLIN Ohio A lawsuit has been filed in the Common Pleas Court here against Wendy’s International Inc. and certain of its executives and directors over the company’s pending sale to Triarc Cos. Inc., according to the plaintiffs’ attorney, Holzer Holzer & Fistel LLC.
The firm alleged in a statement that the quick-service company and the officials named as co-defendants had breached a fiduciary responsibility to shareholders. It characterized the complaint as a class-action suit representing shareholders, but did not cite a lead plaintiff or reveal how many investors were participating in the action.
Last week Wendy’s agreed to be acquired by Triarc, the parent of the Arby’s quick-service brand, in a stock swap valued at $2.34 billion. Under the agreement, 4.25 shares of Triarc will be exchanged for each Wendy’s common share. The deal has been approved by the two parties’ boards but has yet to be OK'd by the companies’ shareholders.
Companies participating in a merger or acquisition are often sued by shareholders who regard the proceeds as being too low.
