Wendy's Explores Potential Sale of the Company


Jun 18, 2007

Wendy's recently released that the Special Committee of its Board of Directors, which is reviewing the Company's strategic options, has chosen to explore a possible sale of the Company. There is no specific timetable for the process.

'The Special Committee has determined that the exploration of a sale is the appropriate next step in the investigation of value-creating alternatives for our stakeholders,' said James V. Pickett, Chairman of the Board and the Special Committee. 'While a sale remains only one of the alternatives under consideration, we believe it merits more thorough examination.

'Our goal is to move forward expeditiously and to minimize disruption to the Company and its operations,' said Pickett. 'We want management and our operators to focus on executing Wendy's business plan to grow sales and margins.'



JP Morgan, as lead advisor, and Lehman Brothers Inc., as co-advisor, will conduct the sale exploration process in conjunction with the Special Committee.

The Special Committee is also evaluating a possible securitization financing. Such a securitization could be used by a potential buyer or in a recapitalization of the Company. Lehman Brothers, as lead structuring advisor, and JP Morgan, as co-structuring advisor, are leading this evaluation on behalf of the Special Committee.

There is no assurance that the steps announced today will result in any changes to the Company's current plans, or that any transaction will be consummated. A sale transaction would require approval by the full Board of Directors and shareholders. In addition, the steps announced today do not preclude the possibility of the Company pursuing other strategic alternatives in the future.

The Company plans to report developments regarding the Special Committee's actions only as circumstances warrant.

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