DUBLIN, Ohio (AP) - Wendy's International Inc. has agreed to let a major shareholder have access to crucial information about the third-largest hamburger chain so he can decide whether to bid for the company.
Wendy's agreed to provide Peltz with confidential and proprietary information, according to a letter filed Tuesday with federal regulators.
Peltz, who runs the Trian Fund, said in July that he and his allies had increased their Wendy's stake to 9.8 percent of the company's total shares.
Wendy's formed a committee in April to determine ways to boost its stock price, including a possible sale.
Wendy's shares rose 70 cents, or 2.2 percent, to $32.69 Tuesday. The shares traded as high as $42 in June.
Peltz spokeswoman Carrie Bloom declined to comment. Wendy's spokesman Denny Lynch confirmed that an agreement was reached with Peltz to release the information, but would not comment beyond that.
In the past year, Wendy's has spun off its Tim Hortons coffee-and-doughnut chain and sold its money-losing Baja Fresh Mexican Grill following pressure from Peltz and other investors to boost the value of Wendy's stock.
Peltz also gained control of three seats on the company's board last year.