DUBLIN, Ohio - Triarc says it is buying Wendy's in an all-stock deal that comes after the burger chain's board rejected at least two earlier offers by the company.
Wendy's shareholders will receive 4.25 shares of Triarc Class A stock for each share of Wendy's stock they own.
Atlanta-based Triarc Companies Inc. says its shareholders will have to approve a charter amendment in which each share of its Class B stock will be converted into Class A stock.
Triarc is owned by billionaire investor Nelson Peltz. The company operates the Arby's chain.
The Wendy's board has been studying strategic alternatives since early last year. Sales have slid despite a struggling economy that should benefit the chain.
Wendy's International Inc. is the nation's No. 3 hamburger chain.