Wendy’s Largest Shareholder Trian Explores Burger-Chain Deal

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Nelson Peltz’s Troian Fund Management says it wants a potential transaction; Shares jump after hours trading

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Wendy’s shares jumped 17% to $19.08 after Tuesday’s trading.

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According to the filing, Trian owns approximately 19.4% of the company, and is the company’s largest shareholder.
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Tryon is led by billionaire founders Nelson Peltz, Peter May and Ed Garden. Mr. Peltz is the chairman of Wendy’s board and Mr. May is the vice president.

Wendy’s said its board will carefully review any proposals from Tryon.

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The company is struggling to win over more consumers by increasing the number of its locations and menu offerings, including the new chicken sandwich. The chain started a new breakfast business just as the pandemic first struck, and has spent millions of dollars promoting and running it.

Wendy’s shares were down 32% this year, trailing McDonald’s rivals Corporation

and Restaurant Brands International, owner of Burger King Inc.

The company told investors earlier this month that its traffic slowed in the three months ended April 3, and low-income consumers made up part of the drop-off. Sales were weak among households earning less than $75,000, Wendy’s executives said in the earnings call. Officials said the chain raised prices in its first quarter and intends to do so again in its current period.

Wendy’s, like other fast-food chains, is battling rising costs. The company has told investors that its commodity costs are rising faster than expected due to higher beef prices. The chain said restaurant-level profits declined in the first quarter, primarily due to increased commodity trading.

Founded in 2005, Troian invested in Wendy’s predecessor company for the first time that year. Mr. Peltz took over Wendy’s previous business unit, Triarch Cos., starting in 1993. and has been a director of Wendy’s since 2008.

Write Heather Hayden at [email protected] and Denny Jacob at [email protected]

Credit: www.Businesshala.com /

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