Nelson Peltz’s Trian Fund Management has been holding discussions with outside investors, including in the Middle East, about funding a potential bid to take Wendy’s private, according to the Financial Times.
No formal offer has been made
Trian and Nelson Peltz together hold about 16% of Wendy’s, which carries a market capitalization of $1.3 billion. In a February SEC filing, Trian said Wendy’s stock was undervalued and disclosed that it had spoken with possible financing sources about potential deals, including an acquisition or other major transactions. Nelson Peltz had also explored a possible takeover of the burger chain in 2022.
Wendy’s stock jumped about 22% in premarket trading following the report. Neither Wendy’s nor Trian offered a response when contacted for comment. Any transaction would unfold against the backdrop of Wendy’s ongoing ‘Fresh Start’ initiative, a restructuring effort that targets stronger domestic sales performance, a refreshed menu lineup, and the elimination of its lowest-performing restaurants.