Shares of fast-food chain The Wendy's Company (NASDAQ: WEN) popped on Wednesday following news that its largest shareholder might be looking to acquire the company outright. As of noon ET today, the stock was up 11%.
Trian Fund Management owns over 25 million shares of Wendy's, according to its filings with the Securities and Exchange Commission (SEC) on May 13. But the fund filed an amended Schedule 13D with the SEC yesterday. This form suggests the hedge fund is preparing to make a major proposal to Wendy's management.
A Wendy's burger. Image source: Wendy's.
Source Fool.com