Activist investor Nelson Peltz's hedge fund Trian Fund Management, L.P. said it will not pursue a takeover of hamburger chain The Wendy's Company (NasdaqGS:WEN). Shares of Wendy's were down about 4% at $20.97 in premarket trading. In May 2022, Wendy's largest shareholder Trian was considering a potential bid for the burger chain almost two decades after Peltz invested in the company.

On January 13, 2023, Wendy's separately announced a new $500 million share buyback plan and doubled its quarterly dividend to 25 cents per share. The hedge fund in a filing said the company's move to return additional capital to shareholders through share repurchases and increased cash dividends "was the appropriate path to enhance shareholder value at this time".