Wendy's Soars on Possible Peltz Play -- WSJ

By Heather Haddon

Wendy's has been struggling with traffic to its restaurants lately, but its shares are zooming on continued interest from one longtime patron: Nelson Peltz.

Peltz's Trian Fund Management is working to put together an investor consortium that could bid for the Ohio-based burger chain, the Financial Times reported. Trian, a longtime Wendy's investor that held around 16% of company shares as of earlier this year, in February said the firm had spoken to potential investors about strategic options, including potentially taking control of the chain and taking it private.

A Wendy's spokeswoman said Wednesday that it would review any proposal submitted by Trian, consistent with its fiduciary duties, and that new CEO Bob Wright was moving with urgency. "We have identified core strategic areas of focus to improve performance and turnaround the business," she said.

Wendy's has been struggling with declining traffic and profit. In May, the company selected Wright, who has more restaurant experience than its previous chief, as its new chief executive. Wright told investors last week that he was thoroughly reviewing the business and slashed the dividend to reinvest in restaurant operations. Wendy's reported a 7% U.S. same-store sales decline for its most recent quarter.

The company's stock was recently trading around 14% higher. Trian in 2022 pushed for strategic options at Wendy's, including a potential sale. It backed off in 2023.

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August 12, 2026 12:27 ET (16:27 GMT)