I would bet even odds that Peltz pulls the tender and walks away. He's lost bundles of money all over the map. Look at CEM, for example. He's underwater on everything. The only reason he even owns WEN is because he tried to get the old Wendy's to get bought by someone else, but no one wanted it! So the board called his bluff, and he got old Triarc to buy it. Now he owns it, and it is still a POS. Remember old man Kerkorian tendering for Ford stock at $8+? What an idiot.