Fast food acquisitionTriarc Cos., owner of the Arby's...

BUSINESS DIGEST

September 22, 1994

Fast food acquisition

Triarc Cos., owner of the Arby's roast-beef chain, agreed to acquire Long John Silver's Restaurants Inc. for $525 million, forming the nation's 10th-biggest restaurant company.

The combination of Arby's Inc. and Long John Silver's would have 4,200 restaurants and $2.7 billion in annual sales.

Triarc, controlled by New York investor Nelson Peltz, will finance the acquisition through a bond issue, said a company spokesman. The purchase of Lexington, Ky.-based Long John, controlled by CS First Boston Securities Corp., is expected to close by the end of the year.

Hechinger to offer shares

Hechinger Co. plans to sell 5 million shares of Class A common stock to raise money for its expansion and store remodeling programs.

The Landover home and garden retailer filed an S-3 registration statement yesterday for the stock offering, which calls for the sale of 4 million shares in the United States and Canada and 1 million shares in other countries.

The sale would raise about $73.75 million, based on the Class A stock's closing price yesterday of $14.75.

Hertz sets rate increase

The Hertz Corp., blaming the higher cost of buying fleets coupled with rising interest rates, said yesterday that it is raising car rental rates between 8 percent and 10 percent nationwide.

The new rates are effective immediately.

With the new rate increase, Hertz' daily rates in most cities will rise between $3 and $5; weekend rates will rise $2; while weekly rates will rise between $10 and $20.

Stock buyback announced

Maryland Federal Bancorp Inc. said yesterday that it plans to buy back as many as 50,000 common shares on the open market.

Maryland Federal said it has repurchased more than 460,000 shares since converting to a public company in 1987, with its most recent buyback of 75,000 shares completed last week.

Hyattsville-based Maryland Federal Bancorp is the holding company for Maryland Federal Savings & Loan Association.

Medalist funds now listed

Signet Banking Corp. of Richmond, Va., yesterday announced that its family of mutual funds now can be found in newspaper listings under its new name: the Medalist Funds. The company said the change is part of a strategy to create a separate identity for the mutual funds, in part to help market them to non-Signet customers. The Medalist family includes Maryland and Virginia municipal bond funds, three money market funds, a government fund and a stock fund.

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