Trian Prepares Take-Private Bid for Wendy's, Shares Surge 16%
WEN sits 43% above its 52-week low of $6.07.
Summary
FT reports Nelson Peltz's Trian Fund Management is assembling a group to take Wendy's private, with a bid possible in coming weeks. Co-investors include Flynn Group and BlueFive. Trian holds ~16% stake and has been preparing since February. This follows last week's guidance withdrawal and dividend cut, and the stock is up 16% on the news. A formal bid would likely require a premium to the current $8.72 price, and the board says it will review any proposal.
At the time of this announcement, WEN was trading at $8.69 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $6.07 to $10.84. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.