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Wendy’s may be up for sale.
In a Tuesday filing with the Securities and Exchange Commission, Wendy’s chairman, Nelson Peltz, said that his management fund, Trian Partners, wants to explore a possible sale or merger for the burger chain. Other options to increase shareholder value are also on the table, according to the filing.
Wendy’s (WEN) stock popped about 11% Wednesday morning as investors cheered the move by Peltz, who has sought to shake up Wendy’s (WEN) and other companies in the past. Peltz has been a director at the company since 2008. Before that, starting in late 2005, he launched a campaign against Wendy’s (WEN) management. Trian is the burger chain’s largest shareholder.
“The Board will carefully review any proposal submitted by Trian Partners,” Wendy’s said in a statement Tuesday, adding, “we remain focused on achieving our vision of becoming the world’s most thriving and beloved restaurant brand.”
Early in the pandemic, Wendy’s was easily beating its rivals at breakfast, a key segment in the highly competitive fast food market. The chain launched its breakfast menu in early March 2020, just before Covid hit US shores, and consumers kept coming back even as morning routines shifted and other chains saw their morning sales dry up.
But breakfast hasn’t been enough to boost sales significantly in recent months.
https://www.cnn.com/2022/05/25/business/wendys-sale/index.html