Key facts
- Nelson Peltz's Trian Fund Management is reportedly preparing a bid to take Wendy's private.
- The bid is reportedly backed by other investors, including BlueFive Capital.
- Trian has also held talks with investors in the Middle East.
- Wendy's stock surged as much as 17% on the news.
- Trian Fund Management is Wendy's top institutional shareholder with a 16% stake.
- Wendy's stock is down significantly over the past year and five years.
Activist investor Nelson Peltz, through his firm Trian Fund Management, is reportedly preparing a bid to take the fast-food chain Wendy's private. The Financial Times reported that Trian, which is Wendy's largest institutional shareholder with a 16% stake as of March 31, is working with other investors, including BlueFive Capital, and has held discussions with Middle Eastern investors.
Peltz's firm first signaled interest in acquiring Wendy's in February, citing the company's undervalued status. The bid is expected to be submitted in the coming weeks. The news sent Wendy's stock soaring as much as 17% on Wednesday, briefly halting trading due to volatility. Despite this surge and previous retail trader speculation, Wendy's stock remains down 16% over the past 12 months and 65% over five years.
The potential take-private deal comes as Wendy's plans to close hundreds of locations in the U.S. in the first half of 2026. The fast-food industry is currently experiencing intense competition for value-conscious consumers.