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Wendy's stock jumps on report of potential takeover bid from Nelson Peltz's Trian Fund Management
Shares of Wendy's jumped more than 14% Wednesday after the Financial Times reported that Nelson Peltz's Trian Fund Management is preparing a takeover bid for the struggling burger chain.
Trading of the stock, which is up about 4% this year as of Wednesday's close, was temporarily halted for volatility.
Trian is working on a proposal with backing from an assortment of other investors, including BlueFive Capital and the Flynn Group, a large Wendy's franchisee, according to the report, which cited sources familiar with the matter.
Wendy's said in a statement it would "thoroughly review any proposal submitted by Trian consistent with its fiduciary duties."
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