Shares jumped 15% after an activist investor group that includes one of the burger chain’s biggest franchisees made its move.

By Jonathan Small | edited by Dan Bova | Oct 29, 2026

Wendy’s might be saying bye-bye to Wall Street. Activist investor Nelson Peltz is leading a group that has offered about $1.4 billion to take Wendy’s private, according to The Wall Street Journal . The $7.35-per-share cash bid is a roughly 20% premium, and shares rose about 15% Wednesday.

Joining Peltz’s Trian Fund Management are BlueFive Capital, Sixth Street Partners and franchisee Flynn Group, which operates more than 300 Wendy’s locations worldwide. Trian and related parties own roughly 16% of Wendy’s, and Peltz’s son Bradley sits on the board. This is not Trian’s first attempt. The hedge fund pushed for a sale in 2022 before backing off the following year.

Wendy’s has been struggling. Its stock is down roughly 70% over five years. Operational missteps have hurt traffic and earnings, and the chain ceded its No.…