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The stock of Wendy's International Inc. (NYSE: WEN) was looking pretty poor yesterday morning. The proposed buyout from Triarc Companies Inc. (NYSE: TRY), the investment arm of billionaire Norman Peltz, at the time valued Wendy's at a mere $26.775 a share in a deal that would marry the Arby's and Wendy's brands. Shares even traded down under $25 because of the discounting.

But today's action -- the stock is up over $27.50, a 4% gain -- is looking like a story of "Good News, Bad News, Good News" for investors. This was a huge score for Mr. Peltz and Triarc. The bad news is that Wendy's board of directors folded like the proverbial cheap suit, particularly for shareholders who have been buried since $30 to $40. But the other good news is that if you believe in Nelson Peltz & Friends, you are getting this as an all stock exchange and therefore you are getting to participate in the upside if they get this ship turned around.

I really expected the board of directors to hold out for $30 (you can read the full op-ed piece from right when the deal was announced). If Peltz would have gotten the Trian Acquisition I Corp. (AMEX: TUX) special purpose acquisition company (SPAC) involved, that $30 level could have probably been reached.

One thing that may also be helping shares today is a Goldman Sachs' analyst upgrade, although that was from a "Sell" to a "Neutral" so it shouldn't be anything to get excited about.

Shares of Wendy's are now up 4% at $27.50 and Triarc Companies Inc. (NYSE: TRY) are at $6.66, a nearly 3% gain from yesterday's close. At $6.66 and based on a 4.25 share conversion offer, that would value Wendy's at $28.305 as an end-game pricing. Wall Street is voting positively for Triarc so far, particularly as its shares had been under-performing by so much.

Jon Ogg is an editor and producer of the "Special Situation Investing" newsletter for 247WallSt.com.