USA: Triarc Purchases 2.0 Million Class B Common Shares
Triarc Companies, Inc. (NYSE: TRY) announced today that the Company purchased 1,999,207 non-voting Triarc Class B common shares held by affiliates of Victor Posner at a per share price of $21.18, for a total purchase price of approximately $42.3 million. As previously announced, under a definitive purchase agreement, approved by Triarc's Board of Directors in August 1999, the Company agreed to purchase for cash all of the 5,997,622 non-voting Triarc Class B common shares held by Victor Posner affiliates in three separate transactions, at prices ranging from $20.44 to $21.93. The Company previously purchased approximately 2.0 million Class B common shares at $20.44 per share in August 1999. The remaining approximate 2.0 million shares are to be purchased at $21.93 per share on or before August 19, 2001, subject to extension in certain limited circumstances. Triarc may accelerate the purchase of the remaining Class B common shares, pursuant to the terms and conditions of the definitive purchase agreement. Triarc has approximately 22.0 million shares of common stock (including the remaining approximate 2.0 million Class B common shares) currently outstanding. Triarc is a leading premium beverage company (Snapple(R), Mistic(R), Stewart's(R)), a restaurant franchisor (Arby's(R), T.J. Cinnamons(R) and Pasta Connection(R)) and a producer of soft drink concentrates (Royal Crown(R), Diet Rite(R), Nehi(R)).
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