By Abigail Summerville
Aug 12 (Reuters) – Nelson Peltz’s Trian Fund Management is forming a consortium of investors for a take-private bid for US fast-food chain Wendy’s, according to a source familiar with the matter.
The group could include Bugatti-backer BlueFive Capital and Flynn Group, one of the burger restaurant’s longest franchisees, and a bid could be submitted in the coming weeks, the source said.
Shares of the company were up about 15% on Wednesday.
Trian, a longtime Wendy’s shareholder, holds a 16.24% stake and would be compelled to unveil any formal offer in a regulatory filing. Trian holds 7.85%, according to a February filing.
The exact timing of the bid could change, sources cautioned. The Financial Times first reported the news on Wednesday.
Wendy’s, which has a market valuation of about $1.44 billion according to data compiled by LSEG, said it would thoroughly review any proposal submitted by Trian consistent with its fiduciary duties, while Trian did not immediately respond to a request for comment.
(Reporting by Neil J Kanatt and Abigail Summerville; Editing by Shailesh Kuber)
