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Shares of Wendy’s, which had fallen about 5% in 2022, were down about 1% in premarket trading.
Trian said in May last year it was exploring taking over Wendy’s, either on its own or with others, almost two decades after Peltz invested in the company.
On Friday, Wendy’s 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 company’s 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.”
The firm added it believes Wendy’s is well positioned to deliver significant long-term value for shareholders.
Wendy’s said in an emailed statement to Reuters that it looks forward to continuing its partnership with Trian and “are pleased with Trian’s confidence in our growth strategy.”
The company has had a long history with Peltz and Trian after the firm first invested in Wendy’s in 2005 and began pushing for changes in late 2008.
According to a latest regulatory filing, Peltz, along with Trian and affiliates, owns a 19.35% stake in Wendy’s.
Peltz on Thursday also formally launched a battle for a board seat at Walt Disney (NYSE:DIS) Co, seen as a serious challenge to Disney Chief Executive Bob Iger, who recently returned from retirement to lead the company for a second time.
