Trian Fund Management, owned by billionaire investor Nelson Peltz, said Tuesday that its Triarcwould be a "natural, strategic buyer" for Wendy's International, which has said it will explore selling itself.
News of Peltz's interest helped push shares of Wendy's higher. Recently, the stock gained as much as 3.24%.
Wendy's is asking Trian to sign another one-year standstill clause, and Peltz is objecting, CNBC's David Faber said.
"Trian seems to have a belief that it's being prevented from exercising full due diligence and being given the same opportunity as any other bidder," reported Faber. "Remember, Wendy's is officially for sale."
In a letter to Wendy's Chairman James Pickett, Peltz said that for all Wendy's shareholders to benefit, "the board's fiduciary duties require that a synergistic buyer such as Triarc should not be impeded from participating in the sale process."
According to the filing, Trian also upped its stake in Wendy's from 8.4% to 9.8%.
Peltz is chairman of Triarc and chief executive of Trian Fund Management.
"As we've said before, the special committee of the board will provide comments when they feel it is appropriate," a Wendy's spokesman told Reuters.
In April, Wendy's Chief Executive Kerrii Anderson told analysts that the move to consider a strategic review or sale was driven by the board and was not her decision. Three of Wendy's board members were nominated by Peltz last year.
In the past, Peltz has questioned Wendy's strategy and pressured the company to speed up a spin-off of the Tim Hortons coffeehouse chain. His strategy also has led to the sale of the Baja Fresh chain to an investment group.