According to the recent SEC Filing on Wendy's, the Filing Party being Nelson Pelz's investment vehicle, Trian Partners.

"The Filing Persons have considered various alternatives with respect to their investment in the Company, including the possibility of proposing an acquisition transaction involving the Company and have had discussions with the third-party that has expressed interest on a preliminary basis in a potential acquisition involving the Company previously disclosed in this Statement.  

The Filing Persons also had recent discussions with other third-parties that had expressed an interest in a potential acquisition transaction involving the Company.  The Company recently announced that it is exploring strategic alternatives for its Arby’s Restaurant Group, Inc. subsidiary, including a sale of the Arby’s brand.

The Filing Persons agree with the Company that in order to maximize shareholder value the Company should focus on the Wendy’s brand, including the introduction of new products, expanding dayparts, such as breakfast, and expanding the Wendy’s brand internationally and in underpenetrated North American markets.  

The Filing Persons also believe that the Company is well-positioned to take advantage of these growth opportunities based on the Company’s current capital structure, including its strong balance sheet and cash flow, and the current competitive landscape.  Accordingly, the Filing Persons have determined not to propose either alone or with any third party any of the matters referred to in Item 4 of Schedule 13D at this time. There can be no assurance that any of the third parties referred to above or any other third party will or will not make any acquisition proposals. "

This is interesting because of what it doesn't say: why are the franchisees ready, willing and able to expand into breakfasts and create more locations in North America?  How many multi-units are stepping up to the plate and putting their money where Pelz's mouth is?