UPDATE 3-Peltz's Triarc to buy Wendy's for $2.4 billion

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By Lisa Baertlein

LOS ANGELES, April 24 (Reuters) - Wendy's International Inc (WEN.N: Quote, Profile, Research) has agreed to be bought by Arby's owner Triarc Cos Inc TRY.N, the investment arm of billionaire investor Nelson Peltz, in a deal valued at about $2.4 billion, sending shares in each company higher.

The purchase would put the two fast-food chains under the same umbrella and could help the No. 3 hamburger restaurant lower costs as it struggles to regain market share lost to rivals like McDonald's Corp (MCD.N: Quote, Profile, Research), Burger King Holdings Inc (BKC.N: Quote, Profile, Research) and CKE Restaurants Inc's (CKR.N: Quote, Profile, Research) Carl's Jr.

Wendy's put itself up for sale last June, under pressure from Peltz, who controls nearly 10 percent of Wendy's and has clamored for better financial results at the chain.

"I can see how Wendy's is more valuable in the hands of Triarc," Morningstar restaurant analyst John Owens said. "There can be some significant cost savings here."

Under the terms of the deal, Wendy's shareholders would receive 4.25 Class A Triarc shares for each Wendy's share they own, the companies said on Thursday.

Triarc shares closed at $6.30 on Wednesday, which would assign a value of $26.78 to Wendy's shares, a 5.7 percent premium to their closing price of $25.32 on Wednesday. Wendy's had 88.3 million shares outstanding.

"The deal values Wendy's at roughly 8- to 8.5-times adjusted 2007 EBITDA (earnings before interest, taxes, depreciation and amortization)," according to a Peltz spokesman.