Peltz Prepares Bid to Take Wendy's Private

Billionaire investor Nelson Peltz's Trian Fund Management is preparing a bid to take the struggling burger chain Wendy's private, according to reports.

Wendy's shares jumped about 15% Wednesday on the news.

Trian is forming a consortium that could include BlueFive Capital and Flynn Group, a major franchisee, sources familiar with the matter said.

The Numbers

Wendy's carries a market valuation of roughly $1.44 billion.

Peltz holds a 16.24% stake in Wendy's, and Trian holds 7.85%.

Peltz's relationship with the chain dates back more than two decades, to an activist campaign he led against the company.

Why It Matters

Wendy's has posted six straight quarters of same-store sales declines.

The company has pulled its 2026 forecast and cycled through three CEOs in three years.

Budget-conscious customers have not responded strongly to the chain's discounting efforts, and Wendy's has lost its spot as the second-largest U.S. burger chain by system sales to Burger King.