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Foley-Led Group Decides not to submit bid for Wendy's

November 13, 2007
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."
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The Wendy's brand is since September 30, 2008 owned by Wendy's Arby's Group Inc. Wendy's Old Fashioned Hamburgers® is the third largest quick-service hamburger restaurant chain in the world, with more than 6,700 restaurants in North America and international markets.
Arby's Restaurant Group, Inc., based in Atlanta, is the franchisor of the Arby's restaurant system, which consists of more than 3,500 restaurants worldwide.
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