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Wendy\u2019s might be saying bye-bye to Wall Street. Activist investor Nelson Peltz is leading a group that has offered about $1.4 billion to take Wendy\u2019s private, according to The Wall Street Journal<\/a>. The $7.35-per-share cash bid is a roughly 20% premium, and shares rose about 15% Wednesday.<\/p>\n Joining Peltz\u2019s Trian Fund Management are BlueFive Capital, Sixth Street Partners and franchisee Flynn Group, which operates more than 300 Wendy\u2019s locations worldwide. Trian and related parties own roughly 16% of Wendy\u2019s, and Peltz\u2019s son Bradley sits on the board. This is not Trian\u2019s first attempt. The hedge fund pushed for a sale in 2022 before backing off the following year.<\/p>\n Wendy\u2019s has been struggling. Its stock is down roughly 70% over five years. Operational missteps have hurt traffic and earnings, and the chain ceded its No. 2 burger spot to Burger King. Robert Wright, a former Wendy\u2019s COO who most recently ran Potbelly, returned as CEO in May. He has said the company skimped on ingredient quality and leaned too heavily on deals.<\/p>\n In a letter included with the filing, Trian argues the multi-year turnaround Wendy\u2019s needs would be easier to execute as a private company.<\/p>\n