Nelson Peltz wants Wendy’s back. His firm, Trian Fund Management, has offered $7.35 a share in cash for the burger chain, valuing it at about $1.4 billion, a regulatory filing showed on Wednesday. The price is 20% above Tuesday’s close. Wendy’s stock rose about 15% before the market opened. Trian is joined by BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy’s biggest franchise operators. Trian and its affiliates already own 16.25% of the company. The offer arrives after two rough years. Wendy’s shares have lost 65% in that time, and same-store sales have fallen for six quarters in a row. Peltz first pushed for changes at Wendy’s more than 20 years ago and looked at buying it in 2022 before walking away.
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