Wendy's shares jumped 14.5% Wednesday after activist investor Nelson Peltz signaled renewed interest in acquiring the fast-food chain. Trian Fund Management disclosed it is exploring strategic transactions that could result in acquiring control of the Dublin, Ohio-based company, citing its belief that Wendy's stock is currently undervalued.

Peltz, who holds a 16.24% stake in Wendy's, has begun preliminary discussions with potential financing sources and strategic partners. The SEC filing noted these initiatives could include an acquisition or other extraordinary transaction resulting in Trian acquiring control. This move marks a return to a familiar playbook for the billionaire investor, who previously weighed a takeover bid for the chain in 2022.

The pressure on Wendy's comes as the brand grapples with a persistent decline in domestic sales amid cooling consumer demand. Same-restaurant sales in the U.S. tumbled 11.3% in the most recent quarter, a sharp reversal from the growth seen in the prior year. While Wendy's struggles, competitors like McDonald's and Yum Brands have successfully captured market share through aggressive value menus and product innovation.