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Two bidding groups emerge for Wendy's
2007-09-27
A group involving title insurer Fidelity National Financial Inc (FNF.N) and several private equity firms has emerged in the bidding for burger chain Wendy's International Inc (WEN.N), the Wall Street Journal reported on its Website on Thursday. Fidelity National Chairman William Foley is a former chief executive of CKE Restaurants Inc (CKR.N), the parent of the Carl's Jr. and Hardee's fast-food chains, the article said. Also in the group are private-equity firms Thomas H. Lee Partners LP, Oaktree Capital Management LP and Ares Management, the report said. After entering a bid in the first round, the group plans to participate in the second round of bidding, which it expects will take place within the next 30 days, the article said, citing a person familiar with the situation. A second group includes David Karam, a Wendy's franchisee and president of Cedar Enterprises Inc., who told the Journal his bid is being backed by the private equity firms Kelso & Co and Oak Hill Capital Partners, the article said. Earlier this month, the Journal reported that more than a dozen parties have expressed interest in the sale process for Wendy's. Triarc Companies Inc. (TRY.N), parent of the Arby's fast- food chain, has previously expressed interest in making a bid for Wendy's. Wendy's, Fidelity National and Karam were not immediately available for comment. (Reporting by Lewis Krauskopf; editing by Sue Thomas)
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