Wendy’s stock was up around 13% to $8.50 on Wednesday after the Financial Times reported that Nelson Peltz’s Trian Partners is preparing a bid to take the fast-food chain private.
The stock briefly surged as high as 17% following the report. Trading in Wendy’s was halted briefly on Wednesday before resuming.
Peltz’s coalition is expected to include Flynn Group, one of Wendy’s largest franchisees, and Abu Dhabi-based BlueFive Capital, according to the FT.
If the bid moves forward, Trian would first submit a proposal through a regulatory filing. Wendy’s independent directors would then decide whether to negotiate directly with Peltz’s firm or run a broader auction process.
Wendy’s did not confirm or deny the report. The company told Barron’s it “would thoroughly review any proposal submitted by Trian consistent with its fiduciary duties.”
“The board, together with the management team, regularly reviews the company’s strategic priorities and opportunities with the goal of maximizing value for all shareholders,” Wendy’s added.
Trian Partners declined to comment.
The stock has been under serious pressure. Wendy’s is down around 20% over the past 12 months and has gained less than 1% in 2026. The stock had lost nearly half its value over the prior year before Wednesday’s pop.
Last Friday, Wendy’s pulled its full-year outlook and cut its annual dividend, pointing to declining customer traffic and shrinking franchisee profits.
CEO Bob Wright, who took the top job in May, said management has identified five areas to drive a turnaround, including rebuilding menus and improving marketing.
Wendy’s first flagged a turnaround plan in late 2025, pledging to close around 300 underperforming U.S. restaurants. By the end of Q1, the company had closed a net 174 locations as part of that restructuring.
Peltz first bought into Wendy’s back in 2005 and has been involved with the brand for over 20 years. He previously served as chairman for more than 15 years, stepping down in September 2024.
In February, Peltz disclosed in a securities filing that he believed Wendy’s stock was “undervalued” and said he was exploring ways to enhance shareholder value, including taking control of the company.
Trian has floated a Wendy’s takeover before. In 2022, the firm considered a deal to buy the chain outright but walked it back the following year.
Peltz personally owns roughly 16% of Wendy’s, while Trian holds an additional 7.9%, giving the two a combined stake of more than 24%.
Peltz has an estimated net worth of $1.6 billion. His firm manages $8.5 billion in assets and also holds stakes in Bank of New York Mellon, DuPont, and Mondelez International.
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