This post was originally published on this site
Wendy’s (NASDAQ:WEN) shares rose about 14% in extended trading after Peltz, who is the chairman of the company, disclosed in the filing that his firm, Trian Fund Management, has raised the stake to 19.24% from 18.41% in Aug. 16, 2019.
The fund intends to explore the possibility of a deal alone or with other interested parties and it may include a buyout or merger with another firm, among other options, the filing said.
“Consistent with its fiduciary duties, the Board will carefully review any proposal submitted by Trian Partners,” Wendy’s said.
The burger chain has a market capitalization of $3.49 billion and had missed market expectations for quarterly results in May as fierce storms and freezing temperatures across the United States hit store traffic and cooled demand for its breakfast items.
