Wendy’s Biggest Investor Is Considering Acquiring the Chain
Wendy’s biggest investor, Trian Fund Management, is considering acquiring the entire burger chain, according to a Schedule 13D/A filing with the Securities and Exchange Commission.
Trian, which owns 19% of the company’s shares and is controlled by Wendy’s Chairman Nelson Peltz, says in the filing that potential transactions could include an acquisition, business combination (such as a merger, consolidation, tender offer or similar transaction) or other transaction that would result in the acquisition of Wendy’s by Trian.
Wendy’s says its board will review any proposal submitted by Trian.
“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,” says Wendy’s in a statement.
The chain continues, “As demonstrated by our recent first-quarter results, we continue to make meaningful progress against our three strategic growth pillars, reinforcing the strength and resiliency of the Wendy’s brand and driving robust AUV and sales increases. We remain focused on achieving our vision of becoming the world’s most thriving and beloved restaurant brand.”
Wendy’s first-quarter revenue was $488.6 million, up from $460.2 million in the first quarter of 2021, an increase the company attributed to the acquisition of 93 franchise-operated restaurants in Florida during the first quarter of 2021 and partially offset by the sale of 47 company-operated restaurants in the New York market during the second quarter of 2021.
The chain has approximately 7,000 restaurants worldwide.
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