Wendy's opening books to 2nd firm

The potential sale of Wendy's International continued its progression yesterday, even as the company faced bitter criticism from a group of franchisees.

Wendy's has reached a confidentiality agreement with Sandell Asset Management Corp. so the investment company can decide whether to finance a sale to Triarc Cos., according to a federal filing.

Triarc, which owns Arby's, also is reviewing Wendy's financial information as it considers a bid for the Dublin burger chain. Triarc and Trian Fund Management are led by activist investor Nelson Peltz, who has said he is prepared to offer $37 to $41 per share to buy Wendy's.

Sandell owns 4.5 percent of Wendy's shares, and Trian owns 9.8 percent.