Shares of Wendy's surged over 14% Wednesday following a Financial Times report that Nelson Peltz's Trian Fund Management is preparing a takeover bid for the burger chain.
Burger King has surpassed Wendy's to become the second-largest U.S. burger chain by systemwide sales, ending Wendy's six-year hold on the spot following consecutive quarters of declining sales and leadership turnover.
Wendy's stock became the latest meme stock target, experiencing a 25.7% surge then a nearly 3% fall, driven by retail traders on Reddit's WallStreetBets. The rally, disconnected from fundamentals, followed a "Save Wendy's" campaign and a CFO appointment.
Wendy's appoints Bob Wright as CEO, following 5 quarters of declining same-store sales, amidst rumors of a potential take-private deal led by Trian Fund Management, which owns 7.85% of Wendy's, with Nelson Peltz holding an additional 16.24% interest.
