Takeover of Wendy’s Approved
The walls of the first Wendy’s restaurant in Columbus, Ohio, are full of memorabilia. Shareholders of Wendy’s and Triarc approved a $2.34 billion deal yesterday that will make the nation’s No. 3 hamburger chain a part of billionaire investor Nelson Peltz’s empire, which operates the Arby’s fast-food chain. Under terms of the deal, Wendy’s shareholders will receive 4.25 shares of Triarc’s Class A stock for each share of Wendy’s stock they own. Triarc said it will change its name to “Wendy’s/Arby’s Group Inc.” and will trade under the “WEN” symbol on the New York Stock Exchange. Dave Thomas started the chain in Columbus in 1969. Wendy’s has been hit harder than its fast-food competitors. Last month, the company reported lower second-quarter profit and sales, saying its results had been hurt by higher grain and fuel prices. (photo vutline) VIRGINIA
Charlottesville airport plans to extend runway
CHARLOTTESVILLE – The Charlottesville-Albemarle Airport plans to extend its runway.
The airport expects to receive about $4.5 million from the Virginia Aviation Board for the project. Board officials say the money was tentatively approved last month.
Airport officials say the design and construction of the extension probably will cost an additional $35 million to $40 million.
Officials say an extended runway will allow larger, faster and more comfortable regional jets to take off from and land at the airport.
Dominion shuts down 1 reactor for refueling
Dominion Virginia Power said it has shut down one of its nuclear reactors at the North Anna Power Station in Louisa County for refueling.
Dominion spokesman Richard Zuercher said workers began the process of taking North Anna 2 offline on Saturday night and completed the process early Sunday. It will take about a month to refuel the 921-megawatt reactor.
The station’s Unit 1 reactor continues to operate at full power. North Anna’s two units are refueled about every 18 months.
Best Buy to purchase Napster for $127 million
Napster Inc., the online music community that rose from a dorm- room project to became the scourge of the global recording industry, is being purchased by Best Buy Co. Inc. for nearly $127 million as the electronics retailer tries to boost its digital music business.
The $2.65 per share all-cash deal announced yesterday is nearly double the music network’s Friday closing price but
a small sum to pay for Best Buy, which gets access to Napster’s 700,000 subscribers who pay a monthly fee to access digital music catalogs.
“Best Buy has been making headway into selling mobile handsets recently and has been offering a Best Buy Music Store [powered by Rhapsody] for some time,” Morgan Keegan & Co. analyst Tavis McCourt wrote in a research note. “We expect Best Buy will likely utilize Napster as a means of bundling digital content with its PC and mobile handset offerings.”
Rival Circuit City Stores Inc. currently offers Napster downloads through its Web site. “We are currently reviewing the announcement,” spokesman Bill Cimino said.
ILLUSTRATION: PHOTO, DRAWING
MEMO: EXCERPTED FROM BUSINESS BRIEFS
Originally published by Staff and Wire Reports.
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