U.S. News

Wendy's Shareholder Urges Auction Of Company: WSJ


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.