Overview
- Trian Fund Management, which sources said Tuesday has been courting investors including in the Middle East, is exploring financing for a bid to take Wendy’s private.
- No formal offer has been made, and reports stress there is no certainty that talks will produce a takeover proposal.
- Wendy’s shares jumped in premarket trading Tuesday after the reports of Trian’s interest.
- The company is pressing a Fresh Start turnaround as U.S. same-restaurant sales fell 7.8% in the first quarter and underperforming locations closed.
- Peltz and Trian hold about 16% of Wendy’s, and the board has said it will evaluate any proposal in line with its fiduciary duties.