Shares of the popular burger chain Wendy’s (NASDAQ: WEN) surged after a filing revealed that Trian Partners, its largest shareholder is exploring a potential takeover deal with the company. Trian, along with its partners, owns a 19.4% stake and said it was seeking a deal to “enhance shareholder value”.
Wendy’s said in a statement it regularly reviews opportunities with the goal of “maximizing value for all stockholders” and would “carefully review” any proposal from Trian. Meanwhile, the firm has said that its currently evaluating strategic options with its advisors and has discussed various scenarios with Wendy’s board.
Wendy’s and its franchisees own about 7,000 restaurants. The company reported quarterly net income of $37.4 million, or $0.17 per share, for the three-month period ended April 3 — nearly 10% down from $41.4 million, or 18 cents per share, during the same period in 2021.
Shares were up 12% during early market hours.