TRIAN GROUP OFFERS $7.35 FOR WENDY'S

Nelson Peltz's Trian Fund Management, which already owns about 16.3% of Wendy's ($WEN), teamed up with Flynn Group, BlueFive Capital and Sixth Street Partners to submit a non-binding offer to take the chain private at $7.35 per share in cash. The bid is a 20% premium over Wendy's closing price on October 27, and values the equity at roughly $1.425 billion across 194 million fully diluted shares. This is an insider-led buyout push, not an outside raid: Trian is cashing in its existing stake and the company's public history at the same time.