Shares of Wendy's/Arby's have fallen 17% since the two chains merged two years ago in a deal orchestrated by billionaire investor Nelson Peltz, leading some shareholders to express their discontent with the deal. The combined company's performance has been hurt by a continued slowdown at Arby's, a historically higher-priced chain that has seen sales and profits fall during the downturn, despite the introduction of a lower-priced value menu.

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