Trian-led group offers $1.4 billion for Wendy’s

A group led by Trian Fund Management has offered to buy Wendy’s for about $1.4 billion, proposing to take the U.S. burger chain private in a nonbinding cash deal that remains subject to negotiation. The group is offering $7.35 a share for stock it does not already own. The price is about 19% to 20% above Wendy’s closing share price on Tuesday, October 27. The proposal was disclosed in a regulatory filing on Wednesday, October 28. The proposed buyers are Trian, restaurant operator Flynn Group, BlueFive Capital and Sixth Street Partners. Trian and affiliated parties own about 16.3% of Wendy’s stock. Trian’s Nelson Peltz and Flynn Group Chairman and CEO Greg Flynn signed the proposal letter. The letter describes the offer as an expression of interest, not a binding agreement. Trian said it expects an independent committee of Wendy’s directors to review the proposal and make a recommendation. The transaction would require approval by a majority of outstanding shares, and Trian said it would vote its shares in favor. The group said it is prepared to conduct further due diligence and negotiate definitive agreements. Trian said the proposal has no financing condition and that the...