A key shareholder behind Wendy’s International (WEN)push to increase its stock value said Tuesday that he would like to buy the nation’s third-largest hamburger chain.
Billionaire investor Nelson Peltz said his company, which owns fast-food chain Arby’s, would be a “natural, strategic buyer” for Wendy’s, according to a letter he sent to Wendy’s chairman, but that the company is blocking him.
Peltz, who runs the Trian Fund, also revealed in the filing that he and his allies have increased their stake to 9.8% of company shares, from 8.4%.
Peltz’ company Triarc (TRYB) controls Arby’s, which has more than 3,000 restaurants.
Peltz said in the letter to Wendy’s Chairman James Pickett, that he believes Wendy’s would prefer to sell itself to anyone but Triarc.
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