Peltz‘s Trian Fund says it will not make an offer for Wendy’s

Peltz's Trian Fund says it will not make an offer for Wendy's

(Reuters) – Activist investor Nelson Peltz‘s hedge fund Trian Fund Management said on Friday it will not pursue a takeover of hamburger chain Wendy’s Co.

Shares of Wendys were down about 4% at $20.97 in premarket trading.

In May 2022, Wendys largest shareholder Trian was considering a potential bid for the burger chain almost two decades after Peltz invested in the company.

On Friday, Wendys separately announced a new $500 million share buyback plan and doubled its quarterly dividend to 25 cents per share.

The hedge fund in a filing said the companys move to return additional capital to shareholders through share repurchases and increased cash dividends “was the appropriate path to enhance shareholder value at this time.”

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Savio DSouza and Shailesh Kuber)

S&P 500 Price Forecast – S&P 500 Fails at the 200-Day EMAGold Price Forecast – Gold Pierces the Top of Its ChannelGold Price Forecast XAU/USD – Bullish Inflation Expectations Data Could Trigger Intraday RallyXRP Bulls to Target $0.40 on Sentiment Toward the SEC v Ripple CaseEUR/USD, GBP/USD, AUD/USD, USD/JPY – U.S. Dollar Retreats As Inflation Reports Meet ExpectationsCrude Oil Price Forecast – Crude Oil Markets Have Slight Rally on ThursdayLoadingLoadingLoading