Nelson Peltz's Trian offers to buy Wendy's for $7.35 a share
Trian Fund Management, Nelson Peltz's firm, and partners made a non-binding, all-cash offer of $7.35 per share to take Wendy's private, about $1.4 billion. Trian owns about 16.3% of Wendy's. Shares jumped about 15% on Wednesday and closed at $7.05. Peltz's letter says Wendy's 'sits at a critical juncture.' Wendy's declined to comment; a special committee of independent directors is to review the offer.
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Why it matters
Wendy's shareholders were offered $7.35 a share in cash, and the stock rose about 15% on the news. The offer is non-binding, and a special committee of Wendy's independent directors is to review it. Trian says private ownership would let the chain invest for the long term.
What to watch
Wendy's is scheduled to report its quarterly results next week.
Sources
- AP via ABC News: Wendy's, struggling with beef prices and growing competition, gets a buyout offer
- Yahoo Finance: Wendy's shares rise 15% following $1.4 billion takeover proposal from Trian
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