Wendy’s logo sign is seen in Chicago, Illinois, July 29, 2026.
Marcin Golba | Nurphoto | Getty Images
Shares of Wendy’s jumped more than 14% Wednesday after the Financial Times reported that Nelson Peltz’s Trian Fund Management is preparing a takeover bid for the struggling burger chain.
Trading of the stock, which is up about 4% this year as of Wednesday’s close, was temporarily halted for volatility.
Trian is working on a proposal with backing from an assortment of other investors, including BlueFive Capital and the Flynn Group, a large Wendy’s franchisee, according to the report, which cited sources familiar with the matter.
Wendy’s said in a statement 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,” the company continued. “We are moving with urgency and under Bob Wright’s leadership as our new CEO, we have identified core strategic areas of focus to improve performance and turnaround the business.”
Representatives for Peltz did not immediately respond to request for comment from CNBC.
The report comes days after Wendy’s reported its sixth straight quarter of same-store sales declines. That disappointing performance has helped Restaurant Brands International’s Burger King overtake Wendy’s as the second-largest burger chain in the U.S. by system sales.
As value has become increasingly important to consumers, Wendy’s has struggled to win over diners. A revolving door of chief executives over the past three years hasn’t helped matters, resulting in muddled strategies to turn around the business. Wendy’s latest CEO, Bob Wright, joined the chain after leading Potbelly through its own take-private deal.
This isn’t the first time that Trian has considered taking Wendy’s private; most recently, the firm said it was exploring a takeover of Wendy’s in 2022, but later decided against it.
Trian owns a 7.85% stake in Wendy’s, and Peltz has a 16.24% interest, according to a regulatory filing from February that also called the stock “undervalued.”
Peltz’s relationship with Wendy’s dates back to an activist campaign he led more than two decades ago. In 2024, Wendy’s named Peltz as chairman emeritus after he spent 17 years on the company’s board. Trian executive Peter May and Peltz’s son, Bradley, still sit on Wendy’s board.
