According to federal filings, the biggest investor in The Wendy’s Co., Trian Fund Management L.P., has explored options that include taking over the burger chain.
Trian, controlled by Wendy’s chairman Nelson Peltz, and affiliates own more than 19 percent of Wendy’s shares. Trian said in its Securities and Exchange Commission filing that it had discussed strategic options with the Ohio-based company’s board.
Peltz has been a Wendy’s director since 2008 and his son, Matthew Peltz, has been on the 11-member board since 2015.
This week, Wendy’s issued a statement, saying, “The Wendy's Co.’s board of directors and management team regularly review the company's strategic priorities and opportunities with the goal of maximizing value for all stockholders.
“Our board is committed to continuing to act in the best interests of the company and its stockholders. Consistent with its fiduciary duties, the board will carefully review any proposal submitted by Trian Partners.”
For the first quarter ended April 3, Wendy’s net income was $37.4 million, or 17 cents a share, down from $41.4 million, or 18 cents a share, in the prior-year period. Revenues rose to $488.6 million from $460.2 million in the same quarter last year.
Same-store sales were up 2.4 percent systemwide with a 1.1 percent increase at U.S. restaurants and a 14.1 percent increase at international units.
Wendy's, founded in 1969, has about 7,000 restaurants worldwide.
