May 12 - Activist investor Nelson Peltz’s Trian Fund Management has been seeking outside investor support for a potential bid to take the fast-food chain Wendy’s private, according to people familiar with the matter. Those involved in the discussions said Trian engaged potential backers, including investors in the Middle East, to explore funding for a takeover.
Wendy’s and Trian did not immediately respond to requests for comment on the outreach. The discussions are described by people who have knowledge of the matter rather than through direct statements from the parties.
Peltz had previously weighed a takeover of the burger chain in 2022. In February, he publicly described Wendy’s stock as undervalued and said he had spoken with potential financing sources about several possibilities, including an acquisition or other major transactions.
On the ownership front, Peltz’s position in Wendy’s has increased slightly over the past year. He currently holds a 16.24% stake in the company, up from 16.09% reported in July of last year. Separately, the investment firm’s reported holding also rose to 7.85% from 7.78% over the same period in July last year.
The conversations with prospective financiers reportedly spanned multiple geographies and involved outreach beyond the firm’s traditional sources of capital. Those close to the talks characterized them as exploratory rather than definitive, and no financing agreement has been disclosed publicly.
At this stage, the effort to line up investors reflects a preparatory step that would be needed before any formal bid could be launched. The details provided by people familiar with the discussions indicate that Trian is actively canvassing for support, but they stop short of confirming any committed funding or a firm proposal.
What we know:
- Trian has sought investor backing, including parties in the Middle East, to finance a possible take-private bid for Wendy’s.
- Peltz has previously considered a takeover in 2022 and in February described Wendy’s stock as undervalued while speaking with potential financing sources.
- Reported ownership stakes increased to 16.24% for Peltz and to 7.85% for the investment firm, up from their July figures.