Wendy's biggest shareholder and its longtime board chairman has decided against taking the Dublin-based hamburger chain private for now.

Billionaire investor Nelson Peltz, who owns or controls 19.35% of Wendy's shares through his private equity fund, Trian, and other affiliates, said in a regulatory filing Friday that Wendy's was taking the right steps to enhance shareholder value and that he is confident in the future of Wendy's.

Peltz's decision came as Wendy's announced plans to double it regular dividend to 25 cents per share per quarter. It also said that it will spend $500 million to buy back shares and that it will keep its general and administrative expenses flat this year and next despite inflation.

The news sent Wendy's shares higher in trading Friday, jumping $1.30, or 6%, to $23.08.

"Trian believes strongly in the future of Wendy's, is confident in the Company's growth plans and is strongly supportive of the capital allocation strategy announced today," Peltz said in a statement. "Trian believes that the Company is well-positioned to deliver significant long-term value for shareholders and looks forward to continuing to work with the Board and leadership team to do so."

Peltz said last May that he may be interested in buying the rest of the company as a way to boost the company's stock.

In Friday's filing, Peltz said he will continue to engage in efforts with the board and management to enhance shareholder value, and that he reserves the right to change his intentions or formulate other plans with respect to his investment in Wendy's.

Peltz orchestrated the sale of Wendy's in 2008 to Arby's, ending an ordeal that began in 2005 when Peltz took a large stake in the company and started pushing for change. Two years later, Arby's was sold and Wendy's headquarters was brought back to Dublin.

He is currently involved in a fight for a seat on the board of Walt Disney as part of push of what he says are needed changes at the entertainment giant.

Peltz has been non-executive chairman at Wendy’s since 2007, which means he oversees the board of directors but is not involved in day-to-day operations, and a director since 1993.

Peltz's decision comes as Wendy's reported preliminary fourth quarter and full year 2022 results that show same-stores sales, a key indicator of restaurant performance, grew 4.9% globally for the year and 6.4% for the final three months of the year.

"Our 2022 results highlight the strength and resiliency of the Wendy's brand as we continued to deliver compelling sales and profit growth," President and Chief Executive Officer Todd Penegor said in a statement.

mawilliams@dispatch.com

@BizMarkWilliams 

This article originally appeared on The Columbus Dispatch: Peltz said he believes strongly in Wendy's future