Wendy's Says Investors Gave 'Ultimatum'
Wendy's Says Major Shareholder Presented 'Ultimatum' to Get CEO's Attention
Wendy's International Inc., ending a traumatic year on the offensive, Friday accused a major shareholder of delivering "an ultimatum" to get its chief executive's attention.
The hamburger chain released a week-old letter sent by CEO Jack Schuessler to investor Nelson Peltz, saying he was "disappointed" at how Peltz's group's recent regulatory filing had characterized communications -- or a lack thereof -- with the company.
That filing, made Dec. 13, had said that Peltz and colleague Peter May had asked to meet with Schuessler "to discuss our value creation plan."
The pair said if their plan would be agreed to "we would possibly maintain our ownership below 5 percent (and not file a Schedule 13-D) because our intention was not to wage a 'battle in the press.' "
A Schedule 13-D filing (it gets its name from Section 13-D of the Securities Act) is generally used to explain how a stake of at least 5 percent in a company was acquired, the purchaser's background and future plans regarding the target company.
The Peltz group's Securities and Exchange Commission filing went on to say that a senior Wendy's executive had replied that Schuessler was "too busy 'managing the brand' to meet with us."
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Source - AP
The hamburger chain released a week-old letter sent by CEO Jack Schuessler to investor Nelson Peltz, saying he was "disappointed" at how Peltz's group's recent regulatory filing had characterized communications -- or a lack thereof -- with the company.
That filing, made Dec. 13, had said that Peltz and colleague Peter May had asked to meet with Schuessler "to discuss our value creation plan."
The pair said if their plan would be agreed to "we would possibly maintain our ownership below 5 percent (and not file a Schedule 13-D) because our intention was not to wage a 'battle in the press.' "
A Schedule 13-D filing (it gets its name from Section 13-D of the Securities Act) is generally used to explain how a stake of at least 5 percent in a company was acquired, the purchaser's background and future plans regarding the target company.
The Peltz group's Securities and Exchange Commission filing went on to say that a senior Wendy's executive had replied that Schuessler was "too busy 'managing the brand' to meet with us."
External Source - For the complete article click here
Source - AP