A group led by Nelson Peltz's Trian Fund Management has offered $1.4 billion to take Wendy's private, according to a regulatory filing Wednesday. The offer is $7.35 per share in cash, a 20% premium to Tuesday's closing price, and the group also includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees. Wendy's shares rose about 15% in premarket trading, after the stock had tumbled 65% over the past two years and posted same-store sales declines for six straight quarters. Trian and affiliated parties own a 16.25% stake, and the article notes the chain has gone through a series of CEOs during its turnaround struggles.
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