Pershing Square Activist Presentation Deck
Situation Analysis
In June of 2007, Wendy's announced that it was pursuing a sale of the
Company. Since then, amidst the fallout in the credit markets and concerns
about the failure of the strategic review process, the stock traded down from
$38 to a low of nearly $22. In April, Wendy's announced an all-stock
transaction with Triarc Companies (“Triarc”), owner of Arby's
$42
$39
$36
$33
$30
$27
$24
$21
April 26, 2007:
Wendy's forms Special
Committee to explore
"strategic alternatives"
Martha
November 2006:
Wendy's repurchases
22.4 million shares for
$35.75 in a tender offer
Oct-06
Pershing tenders its
shares
Feb-07
June 18, 2007:
Wendy's announces that it
is pursuing a sale of the
company
Jun-07
kaps
Imp
9
Dec 2007 March 2008:
Committee decision
regarding a sale of the
company is still unclear
Sep-07
April 24, 2008:
Wendy's signs definitive
merger agreement with
Triarc in an all-stock deal
перевет
Jan-08
$28
May-08View entire presentation