Pershing Square Activist Presentation Deck
Triarc's Offer: What's Really Happening...
In the proposed transaction, Wendy's, which currently has a market
cap of $2.45bn and is currently trading at 8.9x '08E EBITDA, is buying
Triarc at 7.4x EBITDA for $600mm in an all-stock transaction
(1)
Triarc Deal Capitalization and Trading Multiple
$ in millions, except per share data
Wendy's recent stock price
Conversion ratio
Implied Triarc Stock Price
Triarc shares outstanding
Equity Value
Plus: Triarc Net Debt (¹)
Equals: Triarc Enterprise Value
FY 2008E Adjusted EBITDA
$28.00
24
4.25x
$6.59
93
$611
$580
$1,191
$160
EV / 08E Adjusted EBITDA
7.4x
Based on Triarc's Q1 2008 Balance sheet. Net debt includes Triarc's $59mm of cash and cash equivalents, $18mm of restricted cash and
equivalents, and $97mm of long-term investments, the majority of which is an investment in Trian. Net debt excludes the value of Deerfield
REIT notes and Deerfield REIT common stock.View entire presentation