Wendy's Shares Jump After Peltz-Led Group Offers $1.4 Billion to Take Chain Private

A group led by Nelson Peltz's Trian Fund Management has offered about $1.4 billion to take Wendy's private, according to a regulatory filing made Wednesday. The group offered $7.35 per share in cash, a premium of about 20% to Tuesday's closing price. Besides Trian, it includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees. Wendy's shares rose roughly 15% to 16% in Wednesday trading. The Wall Street Journal first reported the proposal. Wendy's did not immediately respond to a request for comment, and Trian declined to comment beyond the filing.

The chain has struggled. Its stock has fallen 65% over two years, and it has reported six straight quarters of same-store sales declines. Robert Wright, a former Wendy's chief operating officer, became CEO in May, the fourth leader in three years. Wendy's reports third-quarter earnings on Nov. 5.

The Washington Post, the only left-leaning outlet here, leads with the buyout offer from an activist investor for a struggling burger chain and the 15% jump at the opening bell. The excerpt provided gives no deal terms or background. The New York Post, on the right, leads with the stock soaring on a report the chain could go private, calls it flailing, and attributes the bid to anonymous sources via the Journal. It adds Wright's background, the five-year stock slide, and the rise of Burger King, which pushed Wendy's to third place. Both agree on the roughly 15% to 16% jump and the struggling-chain framing. CNBC and Reuters, the independent outlets, mostly stick to the filing, with CNBC adding the sales-decline streak and earnings date.