Shares of Wendy’s surged Wednesday following a report that activist investor Nelson Peltz’s Trian Partners was preparing a bid to take the fast-food chain private.
Wendy’s stock jumped 14.7% to $8.66 on Wednesday after the Financial Times reported Trian Partners was looking to take the company private. Shares rose as high as $8.80 intraday, and trading in Wendy’s was halted briefly Wednesday.
Wendy’s neither confirmed nor denied to Barron’s that Trian Partners has intentions of making the bid.
“The Wendy’s Company would thoroughly review any proposal submitted by Trian consistent with its fiduciary duties,” Wendy’s said in an emailed statement to Barron’s.
“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. 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,” the company added.
Wendy’s stock and the company’s business have been under pressure lately. Shares have gained less than 2% this year and are down about 18% over the past 12 months.
For comparison, shares of Restaurant Brands International, which operates Burger King, have gained 9.7% this year. McDonald’s has declined 9.7% in 2026.
Wendy’s last Friday pulled its full-year outlook and cut its annual dividend, citing declining customer traffic and shrinking franchisee profits.
CEO Wright, who was elevated to the company’s top role in May, said management had identified five areas to drive the business turnaround, including rebuilding menus and improving the chain’s marketing.
Wendy’s first teased a turnaround at the end of 2025, when it pledged to shutter around 300 of its underperforming U.S. restaurants. By the end of the first quarter, Wendy’s reported a net loss of 174 restaurants as part of its ongoing restructuring.
The Financial Times report is only the latest sign that Peltz is displeased with company management.
Peltz asserted in a securities filing in February that Wendy’s stock was “undervalued.”
Peltz, through Trian Partners, first bought into Wendy’s in 2005 and spearheaded major changes including the spinoff of Tim Hortons into a stand-alone public company.
Peltz and Trian Partners hold a combined stake of more 24% in Wendy’s, making them the largest shareholder. Peltz personally owns roughly 16%, while Trian holds 7.9%.
Peltz previously disclosed ongoing discussions with Wendy’s leadership and shareholders regarding strategic transactions, saying he is exploring options to enhance shareholder value, which could include increasing his stake.