Wendy's could be headed for new ownership as billionaire investor Nelson Peltz reportedly works on a deal to buy the struggling burger chain and take it private.
Peltz's investment firm, Trian Fund Management, is reportedly organizing a bid to buy Dublin-based Wendy's and take it private, according to the Financial Times. Wendy's stock rose more than 14% after the report.
No formal offer has been announced, but Reuters reported a bid could come within weeks. Trian is reportedly working with other investors, including BlueFive Capital and Flynn Group, a large Wendy's franchisee, CNBC reports.
The reported takeover interest comes as Wendy's aims to reverse falling sales, shrinking profits and restaurant closures. The company recently launched a turnaround
effort after reporting weaker results in its latest earnings report.
Here's what we know.
How Wendy's responded
Wendy's said it would review any proposal submitted by Trian.
"The Wendy's Company would thoroughly review any proposal submitted by Trian, consistent with its fiduciary duties," Wendy's said in a statement published on NRN. "The board, together with the management team, regularly reviews the company’s strategic priorities and opportunities with the goal of maximizing value for all shareholders."
This isn't the first time that Trian has considered taking Wendy's private, CNBC reports. The firm previously explored a takeover of Wendy's in 2022. Peltz is a longtime shareholder who has been involved with Wendy's for decades and previously served as chairman.
Regulatory filings cited by the publication show Trian and Peltz already own a significant portion of Wendy's stock. Trian owns about 8 percent of the company while Peltz owns about 16 percent.
Why is there takeover interest now?
In its 2026 second quarter earnings, the chain reported weaker sales and profits. The company cited lower customer traffic, inflation and a decline in U.S. restaurant locations.
CEO Bob Wright has launched a turnaround plan after acknowledging the chain is underperforming.
"We are clearly not performing at our potential," Wright said. "I returned to Wendy's because I believe we can fix our issues and I am excited to work with our team and our franchisees to drive a strong turnaround."
The chain says the decrease in global systemwide sales was primarily driven by lower U.S. same-restaurant sales and a decrease in the number of restaurants in the U.S.
How many Ohio Wendy's have closed?
At least 10 Ohio Wendy's restaurants have closed since the company launched its Project Fresh turnaround initiative in late 2025, according to The Dispatch.
How many Wendy's are left in Ohio?
Wendy's currently lists 388 Ohio locations on its website, down from nearly 400 locations last year. The company has been closing underperforming restaurants as part of its turnaround plan, including locations in Ohio.
This article originally appeared on Cincinnati Enquirer: Wendy's could be bought by top shareholder and billionaire Nelson Peltz
