Yesterday afternoon the Associated Press announced an all-stock purchase of Wendy’s by Arby’s owner, Triarc Companies, for $2.34 billion.

Atlanta-based Triarc is owned by billionaire Nelson Peltz, who had made two previous offers to buy the No. 3 burger chain over the last year. According to AP reports, the final deal was much lower than what Peltz said he was originally willing to pay. Last summer he offered $37 to $41 per share, but only ended up paying $26.78 per share for the company, which has about 87 million shares outstanding.

Wendy’s announced yesterday that profit was down 72 percent to $4.1 million for the first quarter and that revenue fell to $513 million from $522 million a year ago.