(Wendy) Shares of Wendy Company rose more than 12% in premarket on Wednesday after the company said it will review any proposal submitted by its largest shareholder Trian.
Trian Fund Management LP had indicated that it was exploring a potential deal to acquire Wendy in an attempt to improve sales.
Trian had advised Wendy that it was considering a solo deal or in combination with third parties. A potential deal could occur through an acquisition, merger, or otherwise, although it is expected to result in control of the fast-food restaurant.
The deal by Trian surfaces when Wendy has been trying to win customers through new menu offerings and more locations. The company had, earlier in the month, indicated that the traffic had slowed in the three months to April 3.
Trian ranks as Wendy’s largest shareholder with control of around 19.4%.
WEN: NASDAQ is up +12.17% in premarket.
