Wendy's/Arby's Group (WEN.N) plans to sell its struggling Arby's roast beef sandwich chain to focus on the Wendy's hamburger business, undoing a 2008 deal engineered by billionaire investor Nelson Peltz.
The move comes as restaurant companies are putting themselves up for sale or attempting to shed assets amid renewed interest from private equity buyers.
Wendy's shares were up 8.5 percent to $4.85 in noon trade Thursday on the New York Stock Exchange, giving the company a market value of just over $2 billion.
The two fast-food chains were combined when Peltz' Triarc Cos, Arby's parent, bought Wendy's for $2.2 billion to create the third-largest publicly held fast-food chain.
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