In a press release posted on the Wendy's main website about a week ago, the Wendy's corporation is trying to buy back some of its shares and store them in a treasury for corporate reasons in the future.
"DUBLIN, Ohio (February 20, 2007) – As part of its plan to return capital to shareholders, Wendy’s International, Inc. (NYSE: WEN) today announced that it has entered into an agreement to purchase up to $300 million of its common shares from a broker-dealer in an accelerated share repurchase (ASR) transaction. The common shares purchased will be placed into treasury to be used for general corporate purposes."
“The ASR enables us to utilize our strong balance sheet to return capital to shareholders in an efficient manner,” said Chief Executive Officer and President Kerrii Anderson. “We are confident our Wendy’s business will continue to produce improving results and generate positive cash flow as we execute our strategic plan, revitalize the Wendy’s brand and improve restaurant operations across the entire system.”
This sounds like good news to the shareholders of Wendy's, i am not one of those, so I don't care as much. I just wanna keep eating spicy chicken #6. for the full press release you can read at http://www.wendys-invest.com/ne/wen022007asr.php
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