(04-24) 04:00 PDT Columbus, Ohio --
After two rejections, the owner of Arby's roast beef sandwich restaurants is buying Wendy's, the fast-food chain famous for its made-to-order square hamburgers and Frosty dessert, for about $2 billion.
Triarc Cos. Inc., which is owned by billionaire investor Nelson Peltz, said Thursday that it will pay about $2.34 billion in an all-stock deal for the nation's third-largest hamburger chain started in 1969 by Dave Thomas. Wendy's had rejected at least two buyout offers from Triarc.
Thomas' daughter Pam Thomas Farber said the family was devastated by the news.
"It's a very sad day for Wendy's, and our family. We just didn't think this would be the outcome," said Farber, 53.
If her father were alive to hear news of the buyout, "he would not be amused," she said.