Triarc Says Execs Withdrew Buyout Offer

Triarc Cos., the owner of Arby’s restaurants and Snapple and RC Cola beverages, said its two top executives abandoned their offer to take the company private for $18 a share, or $420 million, as investors held out for a higher bid. Chief Executive Nelson Peltz and President Peter May, who already hold about 6 million shares, made their offer Oct. 12. Investors then sued Triarc, claiming they would have been shortchanged by the proposal. “We are withdrawing our offer because we believe it is not in the best interests of shareholders at this time,” Peltz said. Triarc shares reached a high of $28.75 a year ago. The stock has stagnated since the offer; it closed Wednesday at $16.63, up 75 cents, on the NYSE. The company said Wednesday that it will buy back as many as 5.5 million shares at $16.25 to $18.25 each in a “Dutch auction” tender offer expected to begin Friday and expire April 13. New York-based Triarc has about 29.3 million common shares, meaning the $18-a-share offer valued all of Triarc at $527.4 million and the shares owned by Peltz and May at about $107.7 million. Triarc officials did not return calls seeking comment. Triarc closed up 75 cents at $16.63 on the NYSE.