NEW YORK — Wendy's stock surged as much as 15% Wednesday after reports that Nelson Peltz's Trian Fund Management is preparing a bid to take the fast-food chain private, capping a rough stretch for the company's shares.

Trian is assembling a consortium that could include Abu Dhabi-backed BlueFive Capital and Flynn Group, the world's largest franchise operator with more than 2,600 restaurants — including over 300 Wendy's locations — according to the Financial Times, which first reported the plans and was cited by Investing.com. A formal bid could land within weeks, though the timeline could slip or the deal could fall apart before then.

A longtime Wendy's power player

Peltz has been circling Wendy's for two decades. He first built a stake in 2005, orchestrated the company's 2008 acquisition of Tim Hortons before spinning the coffee chain back off, and explored — but abandoned — an earlier take-private attempt in 2022. Peltz personally holds roughly 16% of Wendy's shares, with Trian's fund holding an additional 7.9%, putting the group's combined stake north of 24%, according to CNBC.

"THOROUGHLY REVIEW ANY PROPOSAL."

Wendy's board said in a statement that it "would thoroughly review any proposal submitted by Trian consistent with its fiduciary duties," adding that the board "regularly reviews the company's strategic priorities and opportunities." No formal offer or price range has been disclosed.

The renewed takeover interest comes as Wendy's fights sluggish sales. The chain withdrew its full-year guidance on August 7 after same-restaurant sales fell 7% year-over-year in the second quarter, spooking investors already wary of a pullback in fast-food spending. Trian first disclosed a fresh stake in the company in February, arguing publicly that Wendy's was undervalued relative to its peers.

A successful deal would rank among the largest restaurant buyouts in recent years and would hand Peltz — long one of the activist investing world's most aggressive dealmakers — full control of a brand he has shaped from the boardroom for most of the last two decades. Wendy's shares have traded well below their five-year highs for much of 2026, a gap Trian has cited as evidence the company would be better off outside the public markets.