KEY TAKEAWAYS

• Wendy's shares fell after reports that Trian Fund Management isn't pursuing a take-private bid.

• The stock had surged nearly 15% two weeks ago on speculation of a potential buyout.

A report that Wendy's may be taken private caused shares to soar two weeks ago. A new report is causing them to tumble.

Wendy's (WEN) stock was recently down more than 13% after Reuters reported that Nelson Peltz's Trian Fund Management has no plans to make a bid for Wendy's right now. The move pulled the stock back from 2026 highs, though it remains off year-to-date lows seen in June.

Wendy's shares soared nearly 15% on Aug. 12 after the Financial Times , citing people familiar with the matter, reported that Trian was "laying the groundwork for a take-private bid" for the burger chain.

Wendy's shares had been in negative territory for the year before the FT 's report two weeks ago. They entered today up nearly 9% for 2026, but are now back in the red.

The fast-food chain's enterprise value was recently around $5.5 billion, according to Visible Alpha data.

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