Blackwells Issues Statement on Trian’s $7.35 Per Share Proposal to Acquire The Wendy’s Company
Key Highlights
- ➤Trian and partners proposed acquiring Wendy’s for $7.35 per share in cash
- ➤Blackwells called for rejecting the proposal as filed
- ➤Trian proposes retaining its 16.3% Wendy’s stake
- ➤Wendy’s cut its dividend by 72% under Trian-linked board leadership
- ➤Wendy’s posted six consecutive quarters of declining U.S. same-store sales
Expert Statements
Jason Aintabi, Chief Investment Officer of Blackwells
“We do not dispute Trian’s thesis. Private ownership may well be what Wendy’s requires. We dispute the idea that the fiduciary who presided over the loss of two-thirds of this company’s value is entitled to acquire its recovery at a price set by the wreckage. The diagnosis is Trian’s to make. The discount is not Trian’s to keep. Shareholders have waited a long time for this Board to act in their interest — its answer to this proposal will tell them whether it ever intends to.”
NEW YORK, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Blackwells Capital LLC (“Blackwells”), a shareholder of Wendy’s (Nasdaq: WEN), issued the following statement regarding the proposal filed this morning by Trian Fund Management, L.P., Nelson Peltz, Peter May and Matthew Peltz, together with Flynn Group, BlueFive Capital and Sixth Street Partners, to acquire The Wendy’s Company for $7.35 per share in cash.
Earlier today, Trian and its partners proposed to acquire Wendy’s for $7.35 per share. Their letter describes a company at a “critical juncture”: capital starved, strategically adrift, and unable to repair itself under the scrutiny of the public markets.
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