Struggling burger chain Wendy’s has received a buyout offer from noted investor Nelson Peltz.
The buyout offer comes after Wendy’s shares dropped roughly 70% over the past five years, per the Wall Street Journal. Peltz argues that the fast food giant would be better off as a private company and offered to pay around $1.4 billion.
The chain, founded in 1969 by Dave Thomas and named after his daughter, is known for its square burgers and Frosty desserts. Same-store sales, or sales at restaurants open at least a year, have declined for more than two years. Those sales fell during the first two quarters of 2026.
Peltz’s Trian Fund Management and several partners are offering Wendy’s $7.35 per share in cash, or a premium of nearly 19% over the stock’s closing price on Tuesday.
Restaurant operator Flynn Group and investment firms BlueFive Capital and Sixth Street Partners have partnered with Trian on the offer, according to WSJ .
In a letter to the company’s board of directors, Peltz said going private “will deliver the best outcome for the broader stakeholder base.”
“Wendy’s sits at a critical juncture," Peltz wrote. "The external environment has become increasingly challenging given the significant pressures on the U.S. consumer, economic uncertainty, persistent commodity inflation and intensifying competition, particularly within the QSR (quick service restaurant) burger category."
Peltz has invested in companies from Procter & Gamble and Disney, to DuPont. According to a regulatory document filed Wednesday, Trian’s stake in Wendy’s totals 16.3%.
Wendy’s, based in Dublin, Ohio, didn’t immediately comment. Restaurant industry heavyweight Robert Wright took over as the chain’s new president and CEO in May, replacing interim boss Kenneth Cook.
Wright previously ran sandwich chain Potbelly Corp and held top leadership roles at Wendy’s, Domino’s Pizza and Charleys Philly Steaks. He said in August that Wendy’s needs to improve its food, prices, customer experience and marketing to win customers back.
Wendy’s is scheduled to report its quarterly financial results next week. Analysts expect Wendy’s earned 9 cents per share on sales of $531 million on average.
Shares rose 91 cents to $7.05 Wednesday.
