Wendy's to let go of Tim Hortons
Wendy's International on Friday said it will spin off its quickly growing Tim Hortons coffee shop chain to focus on the battle of its namesake restaurants with rivals such as McDonald's Corp., and its shares rose to an all-time high.
The move comes after a dissident shareholder pressured the No. 3 U.S. hamburger chain for months to separate Tim Hortons and allow investors to put a price on the business. The predominantly Canadian chain accounts for nearly a third of sales for Dublin, Ohio-based Wendy's.