Peltz seeks control of Wendy’s board

Nelson Peltz’s Trian Partners said Monday that it was attempting to gain control of the board at hamburger chain Wendy’s International Inc., which it is trying to buy.

Trian Partners said in a regulatory filing Monday that it had notified Wendy’s of its intention to expand the board and to nominate director candidates at Wendy’s upcoming annual shareholders’ meeting.

If successful, Trian would seize control of Wendy’s board.

Billionaire investor Peltz’s Triarc Cos., which owns the fast-food chain Arby’s, said in November that it had made a bid for Wendy’s that was below the $37 to $41 a share it was prepared to offer in July.

Trian Partners and its affiliates control nearly 8.6 million shares, or about 9.8% of Wendy’s outstanding shares.

“The board’s review of strategic alternatives has taken more than nine months and this effort to gain control of the board may be an effort to force the issue,” Citi Investment Research analyst Glen Petraglia said.

He added that Trian’s moves also appeared to be an attempt to remove Wendy’s Chief Executive Kerrii Anderson, who is up for reelection this year, from the board.

In a filing with the Securities and Exchange Commission, Trian said it would propose that Wendy’s amend its regulations to increase its board size to 15 from 13.

Shares of Dublin, Ohio-based Wendy’s closed up 42 cents at $23.57.