Wendy's announced today that it will buyback 2 million shares of its common stock for approximately $98 million in an accelerated share repurchase transaction. In a corporate news release, the company stated that this repurchase is consistent with and a part of a comprehensive plan to offset dilution, improve business and enhance value for its shareholders. In July, Wendy's announced that it plans to sell 15-18% of Tim Hortons, a coffee and fresh baked goods chain, in an initial public offering. The company plans to retain ownership of the remaining 82-85% of the Tim Hortons business and hopes to complete the IPO by 2006.
Posted by franchiselawblog at August 16, 2005 02:06 PM