Pair Want to Take Triarc Private

Triarc Cos., owner of Snapple drinks and Arby’s restaurants, said Chairman Nelson Peltz and President Peter May on Monday offered to take the company private at $18 a share, or about $440 million.

Triarc said its directors formed a special committee to evaluate the buyout offer, which is for an unspecified mix of cash and securities.

Investors said they’re not surprised by the offer from Peltz and May, two proteges of junk-bond trader Michael Milken with a history of buying assets on the cheap. Triarc’s stock, they said, doesn’t reflect the value of businesses that include RC Cola and Mistic drinks and T.J. Cinnamons restaurants.

“The company is worth a lot more than the stock price indicates,” said analyst Bill Jacobs at Harris Associates, Triarc’s No. 3 holder with 1.54 million shares at the end of June. He declined to say whether his firm would support the offer.

The bid is a 37% premium over Friday’s closing price of $13.19. Triarc stock rose $3 to close at $16.19 on the New York Stock Exchange.