Wendy’s shares rise 3% after announcing sale of Arby’s stake, $100 million buyback program
Wendy’s Co. WEN, +2.63% shares rose 3.1% in Thursday trading after it announced the sale of its 12.3% ownership interest in Inspire Brands, owners of Arby’s and Buffalo Wild Wings, for $450 million. Wendy’s said the sale will give it the flexibility to invest in its brand. And the burger chain has authorized a new $100 million share repurchase program, in addition to the current $175 million current authorization that expires March 3, 2019. Wendy’s shares are up 12.2% for the year to date while the S&P 500 index SPX, +0.89% has gained 6.4% for the period.
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