GREENWICH Conn. Tudor Investment Corp., a hedge fund that’s controlled by billionaire Paul Tudor Jones II and manages more than $17 billion in assets, has acquired through its funds a 6.1-percent stake in Wendy’s International Inc. in an apparent arbitrage move.
Greenwich-based Tudor, which sold off its previous holding of 2.42 million Wendy’s shares late last year to reap a profit estimated at up to 15 percent, had bought another 5.33 million Wendy’s shares at undisclosed prices as of June 13, according to the fund’s filing with securities regulators late Friday as a passive shareholder.
Shares of Wendy’s, which is exploring strategic alternatives that include a sale of the No. 3 burger brand, gained 10 cents in trading Tuesday to close at $37.45, after trading in a daily high-low range of $38.19-$37.33. The stock’s high-low closing prices over the past 12 months were $67.19 and $30.29.