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Nelson Peltz doesn't do anything by accident. The 82-year-old founder of Trian Fund Management has spent decades making himself the most unwelcome name in any boardroom he targets, wringing value out of companies like Procter & Gamble, Disney, and General Electric through sheer, grinding pressure. So when the Financial Times reported Tuesday that Trian is seeking investor backing for a potential bid to take Wendy's private, you should understand that this didn't just occur to him.

He looked at a Wendy's takeover in 2022. In February he said publicly the stock was undervalued and confirmed he'd already been talking to financing sources about a deal. He currently holds a 16.24% stake. This is not a man who wandered into a Wendy’s, sucked on a Frosty and had an epiphany whilst visited by the ghost of Dave Thomas. This is a man who has been working toward a move for three years, and is now apparently ready to swing.

Wendy's stock has fallen four years running and is down nearly 19% this year alone. The company just posted its fifth consecutive quarter of declining U.S. same-store sales despite beating revenue estimates, which is an impressive way to disappoint people. Its forward price-to-earnings ratio sits at 11, against McDonald's at 20 and Yum Brands at 21. In fast food valuation terms, Wendy's is priced like a problem.

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Peltz's bet (as it always is) is that the problem is management rather than the business. He's made that call before at companies that looked worse, and he's usually been right.

Wendy's shares jumped 14% Tuesday. The board, per its statement, will review any proposal in line with its fiduciary duties. Translation: they're listening.