(Reuters) – Activist investor Nelson Peltz’s hedge fund Trian Fund Management said on Friday it will not pursue a takeover of hamburger chain Wendy’s Co.
Shares of Wendy’s were down about 4% at $20.97 in premarket trading.
In May 2022, Wendy’s largest shareholder Trian was considering a potential bid for the burger chain 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.”
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Savio D’Souza and Shailesh Kuber)
