Peltz Group Bids 1.4 Billion to Take Wendys Private
Nelson Peltz and partners offered to buy Wendys for 1.4 billion dollars in cash. The investor group aims to restructure the fast-food chain out of the public eye. Wendys faces weak sales and rising costs.
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Billionaire Nelson Peltz and a consortium offered to take WENDY'S CO private for $1.4B on Wednesday, proposing $7.35 per share in cash. The bid represents a 20% premium over the burger chain's prior closing price, sending shares up 15% to $7.10 during the afternoon session. Trian Fund Management, which holds a 16.3% stake in the company, argues the struggling fast-food operator requires a prolonged turnaround out of the public eye.
