Nelson Peltz offers to buy Wendy's for $7.35 per share
Trian Fund Management and partners make buyout offer for the struggling fast-food chain.
Nelson Peltz's Trian Fund Management and partners offer to buy Wendy's for $7.35 per share in cash, a premium of nearly 19% over Tuesday's closing price. The deal would take the company private.
Wendy's shares jump 15% at the opening bell Wednesday. The company confirms receipt of the unsolicited proposal and says its board has formed an independent committee to evaluate it.
The Dublin, Ohio-based chain has been struggling with high beef prices and aging stores. Wendy's share of U.S. burger chain sales fell from 11.5% in 2019 to 10.4% last year.
Wendy's has been closing outdated U.S. restaurants to focus on more profitable locations. The company closed 240 restaurants in 2024 and planned to shutter up to 358 locations this year. At the end of last year, Wendy's had 5,969 restaurants in the U.S. and 1,428 outlets in 38 countries.
Source: inquirer.com
