Nelson Peltz's Trian Fund Management Prepares Take-Private Bid for Wendy's Within Weeks

Nelson Peltz's Trian Fund Management is laying the groundwork for a bid to take Wendy's private, according to a Financial Times report published Wednesday, sending shares of the burger chain surging as much as 15%. The deal would be backed by a consortium of investors including BlueFive Capital and could materialize within a matter of weeks, according to people familiar with the matter cited by the FT. A successful transaction would hand Peltz full control of a fast food chain with roughly 7,000 locations and a current market valuation of approximately $1.44 billion.

Wendy's said it would thoroughly review any proposal. The news comes as the chain faces competitive pressure, with Restaurant Brands International's Burger King having overtaken Wendy's as the nation's second-largest burger chain by system sales.