Aug 17, 2018

Arby's owner buys stake in itself from Wendy's

Illustration: Lazaro Gamio / Axios

Inspire Brands, the Roark Capital-backed owner of Arby's and Buffalo Wild Wings, has purchased a 12.3% ownership stake in itself from Wendy's (Nasdaq: WEN) for $450 million.

Why it's the BFD: Because Roark wants to take Inspire Brands public, as we reported when first disclosing its existence late last year, and this strengthens its position.

  • History: Roark bought a majority stake in Arby's from Wendy's in 2011, with Wendy's being further diluted when Roark added Buffalo Wild Wings (after which Inspire was formed). Wendy's says the new deal is at a 38% premium to Inspire's valuation at the end of June.

The bottom line: Roark has the meats.

Go deeper

Coronavirus threat grows, as disease spreads and drug supplies are at risk

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

As the novel coronavirus continues spreading globally and China grapples with a limited production capability, there's a growing risk to about 150 prescription drugs in the U.S., sources tell Axios.

The big picture: The coronavirus has spread to more nations as South Korea and Italy step up emergency measures in their countries amid rising case numbers on Sunday. COVID-19 has killed at least 2,467 people and infected almost 79,000 others, mostly in mainland China.

Go deeperArrowUpdated 2 mins ago - Health

Warren sees bump in national poll following Nevada debate

Photo by David Becker/Getty Images.

Sen. Elizabeth Warren surged to 19% and second place in a CBS News/YouGov national poll released Sunday, trailing front-runner Sen. Bernie Sanders (28%) but edging out Joe Biden (17%) and Michael Bloomberg (13%).

Why it matters: The poll notes that only 42% of Democratic primary voters have made up their minds. While Warren underperformed in the first three states, her strong debate performance in Nevada last week may have given her campaign new life.

Pence aide says intel report of Russia helping Trump is "false information"

Marc Short. Screenshot: Fox News

Marc Short, chief of staff to Vice President Mike Pence, claimed on "Fox News Sunday" that the White House has not received intelligence that Russia is seeking to help President Trump win re-election, calling it "false information" that has been selectively leaked by Democrats on the House Intelligence Committee.

The big picture: Short and national security adviser Robert O'Brien both dismissed reports published in the Washington Post and New York Times last week about a briefing provided by top election security official Shelby Pierson, an aide to outgoing acting director of national intelligence Joseph Maguire.