Shares of Wendy’s surged more than 14% on Wednesday following reports that Nelson Peltz’s Trian Fund Management is preparing a bid to take the fast-food chain private. The stock volatility triggered a temporary trading halt as investors reacted to the potential shift in ownership for the struggling burger brand.
According to reports from the Financial Times and Reuters, Trian is assembling a consortium of investors to support the move, including BlueFive Capital and the Flynn Group—a major Wendy’s franchisee. The proposal comes at a critical juncture for the company, which recently reported its sixth consecutive quarter of same-store sales declines. This performance downturn has allowed Restaurant Brands International’s Burger King to surpass Wendy’s as the second-largest burger chain in the U.S. by system sales.
Wendy’s confirmed it is aware of the reports, stating that its board and management team will “thoroughly review any proposal submitted by Trian consistent with its fiduciary duties.” The company emphasized that it is currently focused on strategic priorities under the leadership of its new CEO, Bob Wright, who previously oversaw a take-private transaction at Potbelly.
Trian currently holds a 7.85% stake in Wendy’s, while Nelson Peltz maintains a 16.24% interest. Peltz, who has a long history with the chain, was named chairman emeritus in 2024 after serving on the board for 17 years. His son, Bradley, and Trian executive Peter May currently remain on the company’s board. This is not the first time Trian has explored such a move; the firm previously considered taking the chain private in 2022 before ultimately opting against it.