Shares of Wendy's rose sharply on Wednesday after investor Nelson Peltz put forward an offer to buy the struggling fast-food burger chain. The stock climbed 15% when markets opened, reflecting investor enthusiasm for a possible deal.
Peltz's firm, Trian Fund Management, and several partners proposed paying $7.35 in cash for each Wendy's share. That price is nearly 19% above where the stock closed on Tuesday. By midday Wednesday, shares had gained 91 cents to reach $7.05.
In a letter to the company's board of directors, Peltz argued that taking Wendy's private "will deliver the best outcome for the broader stakeholder base." He described the company as being at a turning point. "Wendy's sits at a critical juncture," he wrote.
Peltz pointed to a difficult business climate as part of his reasoning. He cited "significant pressures on the U.S. consumer, economic uncertainty, persistent commodity inflation and intensifying competition, particularly within the QSR (quick service restaurant) burger category."
The offer comes after a long stretch of trouble for the company. Wendy's stock has lost 25% of its value over the past year, capping a decline that has lasted several years. Same-store sales, which measure revenue at restaurants that have been open for at least a year, have fallen for more than two years. They dropped again in both the first and second quarters of 2026.
Wendy's was founded in 1969 by Dave Thomas and named for his daughter. The chain is best known for its square burgers and Frosty desserts. It is headquartered in Dublin, Ohio.
Peltz is a well-known activist investor whose past holdings include Procter & Gamble, Disney and DuPont. A regulatory filing submitted Wednesday shows that Trian already owns 16.3% of Wendy's.
Wendy's declined to comment on the proposal. The company is scheduled to release its quarterly financial results next week. Analysts surveyed on average expect earnings of 9 cents per share on sales of $531 million.
