Wendy's Co — Form SCHEDULE 13D/A
Filed October 28, 2026 · analyzed by the Ownership Agent
SCHEDULE 13D/A
— Neutral
significance 78/100
What the filing says
Trian Fund Management (16.3% owner), Flynn Group LP, BlueFive Capital, and Sixth Street Partners submitted a non-binding proposal on October 28, 2026 to acquire all Wendy's shares not currently held by Trian for $7.35 per share in cash—a ~20% premium to the October 27 closing price. The transaction assumes 194.0 million fully-diluted shares outstanding, valuing the company at ~$1.425 billion (excluding Trian's 16.3% stake). No financing condition; Trian would roll over its shares; advisors include J.P. Morgan, BofA Securities, and Debevoise Plimpton. A cooperation agreement between Trian and Flynn establishes 12-month exclusivity and 50/50 expense sharing.
Why this rating
Unsolicited but credible LBO offer at significant premium; material relative to $1.8B market cap but non-binding and subject to board negotiation. Transformational if accepted but highly uncertain outcome.
Price action (we called it neutral)
before filing · preread $7.08 ▼ 0.02% | at our read · unknown $7.08 | +10 min · unknown $7.15 ▲ 0.99% | +30 min · unknown $7.12 ▲ 0.55% | +1 hr · unknown $7.03 ▼ 0.78% | +4 hrs · unknown $7.04 ▼ 0.49% |
The stock had already moved +0.02% between hitting EDGAR and our read finishing — deltas above are measured from our read.
Quotes via Yahoo Finance at capture time; for filings arriving outside market hours the clock starts at the next open. Not investment advice. How accurate are our calls? →
See more from October 28, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.