Wendy’s shares jumped more than 14% Wednesday after noted investor Nelson Peltz made an offer to buy the chain, which has been struggling with high beef prices and aging stores.
Peltz’s Trian Fund Management and several partners are offering Wendy’s $7.35 per share in cash, or a premium of nearly 19% over the stock’s closing price on Tuesday, in a deal that would take the company private.
Wendy’s, which is based in Dublin, Ohio, confirmed receipt of the unsolicited proposal in a statement Wednesday and said its board has formed an independent committee to evaluate it. At the end of last year, Wendy’s had 5,969 restaurants in the U.S. and 1,428 outlets in 38 countries.
Wendy’s, founded in 1969 by Dave Thomas and named after his daughter, is known for its square burgers and Frosty desserts. The fast-growing chain introduced the drive-thru window in 1970 and went public in 1976. In the 1980s, as it jockeyed for sales with McDonald’s and Burger King, Wendy’s launched salad bars and ran its iconic “Where’s the beef?” ad campaign.
But as the fast-food market grew even more competitive and rival burger-focused chains like In-N-Out and Five Guys expanded, Wendy’s fell behind. Wendy’s share of U.S. burger chain sales fell from 11.5% in 2019 to 10.4% last year, according to Technomic, a market research company.
I had no idea public opinion had turned on Wendy’s. I had always considered them a superior fast food burger and I look forward to whenever they add the pretzel bun to the menu.
pretzel bun to the menu.
YESSSSSSSSSSSSSSSSSSSS!!! Daves single with 3 slices of bacon, fucking perfect on the pretzel bun.
They lost their way when they got rid of the solariums.
Wendy’s used to be a comfort food for me, and now I don’t even go. They were fine until they started messing with the fries, but they also started trying too hard with limited time products and the new frosty things.
My main complaint about Wendy’s is the church crowd, go there around noon on a Sunday and you’ll see an extremely specific demographic
Wendy’s isn’t a “rival” of Five Guys or In-n-Out. That’s like calling The Lexington Legends “rivals” of The San Diego Padres, and New York Yankees. The latter are playing in a different league.
Bun, mayo, toppings, burger, bun
Fries and shake combo for 20 dollars
Fast food sucks.
Til there are Wendy’s outside of the US.
The very last time I ate at a Wendy’s, the burger I got was literally full of hair, like dragged across a dirty floor. I immediately complained and sent pics to their complaint department. It took them two months to respond, telling me I’d be contacted by the owner of the restaurant. It took him another month to respond, saying he’d like to meet me in person to apologize. Three months to get a reply… I told him I had no intention of meeting with him, I did not accept his apology, and I would never eat at a Wendy’s again. Moreover, I put the pics up on the review page for their location. They shut down a few months later.
Wendy’s can get fucked.
Wendy’s accused of cutting beef with plant-based material, health markers improved, people enraged and ready to slam!
Sir, this is a Lemmy.
While dropping from 11.5 to 10.4 % is definitely the wrong way to go, 10.4% in a crowded field doesn’t seem that bad. There is a lot of competition with McDonalds only having a 15.4% if the LLM is to be trusted.
If Tasty Burger took over Wendy’s the world would be a better place.
I hope Beef prices go to $1000 a pound so that we can end that horror show of torture on cows and the planet. Wendys be damned!
Wendy’s died with Dave Thomas.
I used to frequent a Wendy’s near where I worked at the time. Everything still looked and tasted exactly like it did in the 1980s.
I went there again a week after Dave Thomas died and everything was different. The meat was smaller and tasted different, the fries were overcooked. It was obvious what changed and why.
On the wall next to the registers was a giant poster memorializing Dave and talking about how they would always do things “Dave’s way.” I never went back.
…There is an exception to this. Wendy’s tried a long time ago to open restaurants in Japan and failed. But several years ago they did it again, this time partnering with another existing fast food restaurant called First Kitchen. The participating locations have the genuine Wendy’s logo next to theirs and a lot of the classic menu items including the shakes.
It doesn’t taste like classic Wendy’s, but it tastes way better than what I remember from the last time I ate a Wendy’s in America.
I was just in Japan and tried Wendy’s there and had what was the most disgusting burger I’ve ever eaten in my life (the truffle and mozzarella baconator). Not only could I or anyone else in my group eat more than a few bites, but it also made me nauseous and vomit a few hours later when we got back to our AirBnB.
Are you American?
Wendy’s is pretty damn good in Canada. Similar tier as A&W, and a clear step above McDonald’s and Burger King
Good to hear. I’ve never been in Canada for longer than an afternoon, so I wouldn’t have known. I imagine that, like Japan, the locations there are owned by a local company rather than Wendy’s proper.
Are you American?
I was born there, but I got better.
I feel like I should be allowed to upvote this comment twice. The second one just for the last sentence.
Right? And as fast food in general has gone up, the price disadvantage has really dwindled imo. $5 more over $5 is a 100% increase. But when McD’s sits at $15 and Wendy’s is still only $5 more…
Not that I go to either anymore because they’re American and I’m a combatant in a trade war, but the theory was sound. The only Canadian I’m betraying is Galen FUCKING Weston who is philosophically American.
Oh absolutely this too. At this point I think Wendy’s is even cheaper. 12.79 for Big Mac combo, vs 8.99 for Dave single combo (it’s a special, but regular price is 11.09).
I’m so upset there are no A&Ws near me. The food is pretty good (imo on par with Sonic, which has always been consistently good for me), and the drinks are pretty tasty too. Plus the A&W root beer is amazing.
Sonic has the worst burgers in fast food.
Overseas versions of domestic chains often seem to be better, presumably because people there wouldn’t put up with substandard fare or to make market entry easier.
KFC in Asia is pretty good. Pizza Hut locations are actually a decent dining experience as well.
An exception to this would be the Tim Hortons stores they tried to open in Korea. Just as meh as here - maybe with less hobo BO in the corner table - and you could get better, fresher options within a block for the same price or better.
I visited a KFC in Korea and it was bad.
Granted, American KFC is equally bad (in different ways) but, man, some of the worst fried chicken on the peninsula.
You mean to say that all the savings from their AI drive-through agents hasn’t helped???
Yeah it was probably me buying their $5 biggie bag and never anything else that put them in dire straights. Definitely wasn’t the AI stuff.
Trian Fund Managment (Trian Partners) is an “activist investor.” Expect them to disassemble Wendy’s.
IOW, prepare to say goodbye to Wendy’s as we know it.
Begun, the franchise wars has.
Wendys went downhill hard in recent years. I used to love their hamburgers more than any other nationwide chain. Now I order a burger from them and it’s dry as fuck and flavorless. And it’s more expensive than a competitor. It got to the point that McDs was even a better option because of the consistency.
Their fries are also unforgivably terrible. Soggy, undercooked, and flaccid piles of starch with potato skin tips that taste like burnt paper.
Really a shame because I grew up going to Wendy’s and had a fond view of the place. The only thing left that is any good is the frosty.
