Wendy’s logo sign is seen in Chicago, Illinois, July 29, 2026.
Marcin Golba | Nurphoto | Getty Images
Shares of Wendy’s jumped as much as 15% in morning trading on Wednesday after the Financial Times reported that Nelson Peltz’s Trian Fund Management is preparing a takeover bid for the struggling burger chain.
The stock, which is only up about 1% this year, was temporarily halted for volatility.
Trian is working on a proposal with backing from an assortment of other investors, like BlueFive Capital and the Flynn Group, a large Wendy’s franchisee, according to the report, which cited sources familiar with the matter.
Representatives for Peltz and Wendy’s did not immediately respond to requests 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 last 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.
