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Wendy's/Arby's (WEN), by William Ackman, Pershing Square Capital Management, May 2008

Wendy's/Arby's (WEN), by William Ackman, Pershing Square Capital Management, May 2008

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Published by The Manual of Ideas
In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22. In April, Wendy’s announced an all-stock transaction with Triarc Companies (“Triarc”), owner of Arby’s.
In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22. In April, Wendy’s announced an all-stock transaction with Triarc Companies (“Triarc”), owner of Arby’s.

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Published by: The Manual of Ideas on May 30, 2009
Copyright:Attribution Non-commercial

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05/11/2014

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A Second Bite as Good as the First
May 21, 2008 
Pershing Square Capital Management, L.P.
 
Disclaimer 
Pershing Square Capital Management, L.P.'s ("Pershing") contained in this presentation arebased on publicly available information. Pershing recognizes that there may be confidentialinformation in the possession of the companies discussed in the presentation (the“Companies”) that could lead the Companies to disagree with Pershing’s conclusions.The analyses provided may include certain statements, estimates and projections preparedwith respect to, among other things, the historical and anticipated operating performance ofthe Companies. Such statements, estimates, and projections reflect various assumptions byPershing concerning anticipated results that are inherently subject to significant economic,competitive, and other uncertainties and contingencies and have been included solely forillustrative purposes. No representations, express or implied, are made as to the accuracy orcompleteness of such statements, estimates or projections or with respect to any othermaterials herein. Actual results may vary materially from the estimates and projected resultscontained herein.Pershing manages funds that are in the business of trading - buying and selling - publicsecurities. It is possible that there will be developments in the future that cause Pershing tochange its position regarding the Companies and possibly increase, reduce, dispose of, orchange the form of its investment in the Companies.This presentation should not be considered a recommendation to buy, sell or hold anyinvestment. In addition, this presentation is not a solicitation of proxies. Pershing and itsaffiliates retain the right to vote on any matters relating to each or any company, includingwithout limitation, for or against any proposed transaction.
 
McDonald’s: Lets Go Back in Time…
Just a few years ago, investor sentimentregarding McDonald’s was negative
Wall Street analysts were generally bearish onMcDonald’s stock citing:
Weak same-store sales
Losing share to competitors
Poor consumer environment
Concerns regarding management’s ability to turnaround the Company
Restaurant companies were trading at lowmultiples
Circa:2002 – 2003
(1)
Avg stock price:~$22EV / Fwd EBITDA:~8.6x
2
(1) Time period referenced is 2002 through the first half of 2003.

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