COLUMBUS, Ohio (AP) – Wendy's International Inc. has agreed to let a major shareholder have access to crucial information about the third-largest hamburger chain so he can decide whether to bid for the company.
Billionaire investor Nelson Peltz has said his company, Triarc Cos., which owns fast-food chain Arby's, would be a natural buyer for Wendy's. He said last month that he was ready to offer $37 to $41 per share in a deal that would peg Wendy's total value between $3.2 billion and $3.6 billion.
Wendy's agreed to provide Peltz with confidential and proprietary information, according to a letter filed Tuesday with federal regulators.
Peltz, who runs the Trian Fund, said in July that he and his allies had increased their Wendy's stake to 9.8 percent of the company's total shares.
Wendy's formed a committee in April to determine ways to boost its stock price, including a possible sale.
Wendy's shares rose 92 cents to $32.91 midmorning Tuesday. The shares traded as high as $42 in June.
Peltz spokeswoman Carrie Bloom declined to comment. A message seeking comment was left with Wendy's Tuesday morning.
In the past year, Wendy's has spun off its Tim Hortons coffee-and-doughnut chain and sold its money-losing Baja Fresh Mexican Grill following pressure from Peltz and other investors to boost the value of Wendy's stock.
Peltz also gained control of three seats on the company's board last year.
Wendy's, based in the Columbus suburb of Dublin, operates about 6,600 restaurants in the United States and abroad. Its bigger rivals are McDonald's and Burger King Holdings Inc.