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."