CORRECTED - OFFICIAL-Wendy's to buy about 19 pct of outstanding shares
(Company corrects number of shares properly tendered, details added in last paragraph)
CHICAGO, Nov 17 (Reuters) - Wendy's International Inc. (WEN.N), the No. 3 U.S. hamburger chain, said on Friday that it expects to buy about 19 percent of its currently outstanding common shares in a modified "Dutch Auction" tender offer which expired yesterday.
Wendy's said that it expects to accept about 22.4 million of its common shares for purchase at $35.75 per share, for a total cost of about $800 million. Shares of Wendy's closed at $35.76 on Thursday.
The company had offered to buy up to about 22.2 million of the shares for $33.00 to $36.00 per share in the offer, and had the right to buy up to an additional 2 percent of its shares outstanding if more than 22.2 million shares were tendered.
Dublin, Ohio-based Wendy's said that based on a preliminary count, about 22.4 million shares were properly tendered and not withdrawn at prices at or below the purchase price. The company said that nearly 27.9 million common shares were properly tendered and not withdrawn in total.
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