A group led by William Foley, chairman of Fidelity National Financial Inc., has decided not to submit a bid for Wendy's International Inc., according to a person familiar with the situation.
Bids for the hamburger chain were due at 5 p.m. Eastern time yesterday.
It isn't clear whether the two other parties who have expressed interest in the chain -- Triarc Cos. and Wendy's franchisee David Karam -- submitted bids. In a statement, Wendy's said that it "is continuing its review of the company's strategic options, including evolution of Wendy's strategic plan, a possible recapitalization and possible sale/merger of the company. There is no specific timetable for the process."
Foley-Led Group Decides not to submit bid for Wendy's
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