Deadline Looms For Wendy's to Respond To Buyout Offer

DUBLIN, Ohio (AP) - Wendy's has been given until 5 p.m. today to respond to a takeover offer from the owner of the Arby's fast-food chain.

Wendy's major shareholder Nelson Peltz says his company, Arby's parent Triarc, would be a natural, strategic buyer for the burger chain that's based outside Columbus. In a letter filed Monday with federal regulators, he told Wendy's he's ready to make a more than $3 billion buyout offer and set today's deadline for hearing back.

Wendy's has declined to comment. The company formed a committee in April to determine ways to boost its stock price, including a possible sale.