April 20, 2007 / 12:23 PM / 13 years ago

Deerfield Triarc Capital to purchase Deerfield & Company

Co announces it has entered into a definitive agreement to acquire Deerfield & Company from Triarc Cos (TRY), which owns a controlling interest in Deerfield, and its other members for an aggregate consideration of approx $290 mln, consisting of approx 9,635,000 mln shares of DFR common stock having a current value of approx $145 mln and $145 mln in cash. In addition, immediately prior to the DFR Board’s consideration of the proposed acquisition, Nelson Peltz, Chairman of the Board of DFR and Chairman and CEO of Triarc, while remaining on DFR’s Board, resigned as Chairman of DFR reflecting the fact that he did not play a role in negotiating the transaction for DFR. Peter Rothschild was appointed Chairman of the Board of DFR. Peter commented, “The acquisition of Deerfield is expected to be immediately accretive to adjusted cash earnings and represents a great opportunity for DFR. We believe that by internalizing our manager, we will be able to build incremental revenue streams and help significantly drive our profitability and, thus, better reward shareholders.”

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