Activist hedge fund approaches Wendy's board with proposal

Wendy’s largest shareholder, Nelson Peltz’s Trian Partners, wants the fast-food chain on a platter — and potentially served up as an acquisition or as part of another kind of transaction.

What’s happening: The activist hedge fund, which holds a 19.4% stake in the company, said in a filing that it approached the board about a transaction proposition, either alone or with third parties, that would bring value to the company.

Our thought bubble: While Wendy’s shares lag behind its fast-food peers, whatever has become of Wendy’s value has been under Peltz’s watch. Peltz had served on the board of Wendy’s predecessor companies from 1993 until 2008 when the company merged with Triarc Cos. He's been on Wendy's board since 2008.

The other side: “Consistent with its fiduciary duties, the Board will carefully review any proposal submitted by Trian Partners,” Wendy’s board said in a statement.