DUBLIN, Ohio (WCMH) — The largest shareholder of Dublin, Ohio-based fast-food giant Wendy’s is considering acquiring the entire company.
Wendy’s stock jumped 9.8 percent Wednesday after Trian Fund Management, which already owns 19 percent of the company, said it was considering buying the rest of the company, according to the Associated Press.
Trian Fund Management filed an amended 13D/A with the U.S. Securities and Exchange Commission, a document usually filed with the SEC within 10 days of a stock purchase of five percent or more of available stock.
According to the 13D, Trian Fund is investigating “a potential transaction (which) could include an acquisition, business combination… or other transaction that would result in the acquisition of control of the Company.”
In a statement posted to its website, Wendy’s said its board of directors would consider any proposals submitted by Trian Partners “consistent with its fiduciary duties.”
“Our Board is committed to continuing to act in the best interests of the Company and its stockholders,” the statement reads.
According to a first-quarter earnings report, the chain experienced 4.2 percent sales growth globally for the first three months of 2022, down from 12.5 percent growth for the same period in 2021. In 2021, Wendy’s reported approximately $2,951,000,000 in sales for the first quarter; for 2022, that amount was approximately $3,072,000,000.
Wendy’s was founded by Dave Thomas in Columbus in 1969. The company has approximately 7,000 restaurants worldwide.