Activist hedge fund Trian Fund Management won't pursue a takeover bid for Wendy's, the company said in a securities filing.
"In light of the company’s current business momentum and strong liquidity position, returning additional capital to shareholders through additional stock repurchases and increased cash dividends was the appropriate path to enhance shareholder value at this time," Trian said in the filing.that it launched a new $500 million buyback plan and doubled its quarterly dividend to 25 cents a share.
The company also said it will reorganize its corporate structure, and announced the departures of U.S. CFO Leigh Burnside and CMO Kurt Kane. Kane’s position will be eliminated.Trian, which is helmed by billionaire Nelson Peltz, has a long history with the company, with Peltz serving on the board of Wendy's predecessor companies, and then on Wendy's board since 2008 when the company merged with Triarc Cos.
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