Wendy's Shares Slip on Lower Offer

Activist investor Nelson Peltz's Triarc Cos., which operates the Arby's restaurant chain, submitted an offer to buy Wendy's on Monday. The company had said in July it was interested in acquiring the chain for $37 to $41 per share, but in a filing with the Securities and Exchange Commission, Triarc said its offer price would fall below that range.

Wendy's has been considering a sale as one possible option for boosting its stock price. In April, Wendy's formed a committee to review options, but it has yet to make a decision.

Lehman Brothers analyst Jeffrey Bernstein said in a client note that investors will likely wait until the committee makes a decision before reacting to the deal.

Bernstein holds an "Equal Weight" rating on the shares.

Triarc was the only suitor who publicly made a bid on the company, although several other companies have reportedly expressed interest in buying the chain.

Shares closed down 98 cents, or 3.1 percent, to $30.67.