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13D Boss

Trian Partners plans to wind down its Wendy's stake

Trian owns roughly 24.6% of Wendy's and has been a major shareholder for well over a decade. However, it's time to move on. Nelson Peltz's firm announced today that it plans to reduce its take to between 17% and 19.7%. Here are the key notes from the filing: 

In the aggregate, the Trian Group plans to sell such number of shares of Common Stock in the Trian Sale and in open market and/or privately negotiated transactions as would reduce the aggregate percentage of Common Stock held by the Trian Group to not less than 17% and not more than 19.68% of the outstanding shares of Common Stock following the consummation of the Offer, the Trian Sale and such sales.

The exact number of shares to be sold by the Trian Group in open market and/or privately negotiated transactions will be determined by the Trian Group in their sole discretion, based upon, among other things, market conditions, and such sales may be at prices that are more or less favorable than the purchase price to be paid to the Company’s stockholders pursuant to the Offer. The number of shares the Trian Group plans to sell is designed to result in at least a 20% reduction of the Trian Group’s ownership of Common Stock in order to avoid adverse federal income tax consequences. Immediately following the consummation of such sales, the Trian Group will still be the Company’s largest stockholder based on current share ownership information on file with the Securities and Exchange Commission (“SEC”).