Exhibit 99.1
For Immediate Release
CONTACT: Anne A. Tarbell
(212) 451-3030
www.triarc.com
TRIARC PURCHASES 2.0 MILLION CLASS B COMMON SHARES
New York, NY, August 10, 2000 -- 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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