Ackman's Pershing reports 15 pct Wendy's stake

Fri Apr 25, 2008 12:36pm EDT
 
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WASHINGTON (Reuters) - Activist investor William Ackman disclosed on Friday he has taken a 15 percent passive stake in Wendy's International Inc (WEN.N), a day after the third-largest hamburger chain said it agreed to be bought by Triarc Cos Inc.

Ackman reported in a filing with the U.S. Securities and Exchange Commission that his hedge fund, Pershing Square Capital, owns 13.1 million shares of Wendy's.

The filing indicated that the stake is passive, meaning that Ackman did not have to reveal when he acquired the shares or the purpose behind the transaction.

According to the filing, March 10 was the date that triggered Ackman having to report his stake.

This is the second time Ackman has amassed a significant stake in Wendy's. The first time was in 2005, when Pershing built up a stake of more than 9 percent, and then worked with Triarc's Nelson Peltz to force changes at the company.

Wendy's eventually responded to the pressure and spun off its Tim Hortons Inc (THI.TO) doughnut chain through an initial public offering.

Triarc, the investment arm of billionaire investor Peltz, struck a deal to buy Wendy's in an all-stock deal valued at around $2.4 billion, the companies said Thursday.

Wendy's put itself up for sale late June under pressure from Peltz, who own about 10 percent of Wendy's and repeatedly pushed for better financial results.

(Reporting by Karey Wutkowski; editing by Jeffrey Benkoe)

 
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