Trian Fund Leads $1.4 Billion Take‑Private Offer for Wendy’s, Shares Jump 15%

A group of investors led by Nelson Peltz’s Trian Fund Management has filed a regulatory proposal to acquire Wendy’s for about $1.4 billion.

The offer values Wendy’s at $7.35 per share in cash, representing a 20% premium to the closing price on the Tuesday before the filing.

The investor consortium includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy’s largest franchisees.

Wendy’s shares rose roughly 15% in morning trading after the filing was disclosed.

Trian and its affiliated investors already own about 31 million Wendy’s shares, or roughly 16.25% of the company.

The proposal follows a two‑year period in which Wendy’s stock has tumbled 65%, and the chain has reported same‑store sales declines for six straight quarters.

Wendy’s has experienced a revolving door of chief executives during the same period.

The company is scheduled to report its third‑quarter earnings before the bell on Nov. 5.

The Wall Street Journal first reported the take‑private proposal; Wendy’s and Trian declined to comment beyond the filing.

Peltz’s involvement with Wendy’s dates back to an activist campaign he led more than two decades ago.