Peltz's Trian Fund says it will not make an offer for Wendy's

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(Reuters) - Activist investor Nelson Peltz's hedge fund Trian Fund Management said on Friday it will not pursue a takeover of hamburger chain Wendy's (NASDAQ:WEN) Co.

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 Friday, 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."