Wendy’s shares drop 14% after Trian Fund halts takeover plans amid weak sales and strategy concerns

Wendy’s shares fell over 14% in after-hours trading after Trian Fund Management, which owns about 16% of the company, abandoned efforts to take the fast-food chain private. The stock had surged earlier due to buyout rumors. Wendy’s reported a 7% decline in U.S. same-store sales for Q2, cut its annual guidance, and reduced dividends. New CEO Bob Wright has launched a five-point plan to improve quality and operations, but with the buyout off the table, investors will watch closely to see if this strategy can turn the company around.