Wendy's Shareholder Urges Auction Of Company: WSJ

Friday, 11 May 2007 | 10:51 AM ET

The largest institutional shareholder of Wendy's International is urging the hamburger chain to sell itself to the highest bidder, the Wall Street Journal reported on its Web site on Friday.

Highfields Capital Management, which owns 8.5 percent of the company, sent a letter to Wendy's Chairman James Pickett and other directors this week, asking them to search for buyers, the Journal reported, citing the letter.

"We strongly believe that an auction to the highest bidder is the best way for the current board and management to maximize the value of the business," the Journal cited the letter as saying.

Wendy's and Highfields could not immediately be reached for comment.

Wendy's said last month it was reviewing strategic options to boost shareholder value, including a possible sale of the company.

  Price   Change %Change


Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • CNBC's David Faber and Carl Icahn, chairman, Icahn Enterprises, discuss corporate boards, a dysfunctional system, his impact as an activist investor and why what he does is important, as well as the use of poison pills to fend off activists. He also finds himself in the unusual position of defending Bill Ackman's recent efforts to partner with Valeant and acquire Allergan.

  • Discussing new technology in the Permian, growing market in North America, and higher earnings, with Dave Lesar, Halliburton chairman, president and CEO.

  • Paul Raines, GameStop CEO, discusses how its leadership in digital sales, market share, and ability to drive loyalty with rewards propels consumers to stay with the gaming store.