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  "documentTitle": "Wendy's International (WEN)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-21 00:00:00",
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  "notes": "The slide highlights the discrepancy between Wendy's trading multiple and the multiple paid for Triarc.",
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      "kind": "callout",
      "text": "In the proposed transaction, Wendy's, which currently has a market cap of $2.45bn and is currently trading at 8.9x '08E EBITDA, is buying Triarc at 7.4x EBITDA for ~$600mm in an all-stock transaction",
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      "text": "In the proposed transaction, Wendy’s, which currently has a market cap of $2.45bn and is currently trading at 8.9x ’08E EBITDA, is buying Triarc at 7.4x EBITDA for ~$600mm in an all-stock transaction",
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      "text": "(1) Based on Triarc's Q1 2008 Balance sheet. Net debt includes Triarc's $59mm of cash and cash equivalents, $18mm of restricted cash and equivalents, and $97mm of long-term investments, the majority of which is an investment in Trian. Net debt excludes the value of Deerfield REIT notes and Deerfield REIT common stock.",
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      "text": "EV / 08E Adjusted EBITDA: 7.4x",
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      "text": "Triarc Deal Capitalization and Trading Multiple",
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      "kind": "title",
      "text": "Triarc's Offer: What's Really Happening...",
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