A group led by investor Nelson Peltz has offered to buy Wendy's and take the burger chain private, CNBC and the Associated Press report. The offer values Wendy's at about $1.4 billion, according to a regulatory filing.

Peltz's Trian Fund Management and its partners offered $7.35 a share in cash. CNBC calls it a 20 percent premium to Tuesday's closing price. The AP puts it at nearly 19 percent. Wendy's shares jumped about 15 percent Wednesday morning.

CNBC reports the group includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees. Trian and related parties own about 16 percent of Wendy's, making them its largest shareholder.

"Wendy's sits at a critical juncture," Peltz wrote to the board, the AP reports. He cited pressure on US consumers, rising costs and tough competition among burger chains.

Wendy's has struggled. CNBC reports its stock has fallen 65 percent in two years, and same-store sales have dropped for six straight quarters. The AP reports the chain has faced high beef prices and aging stores. Its share of US burger chain sales fell from 11.5 percent in 2019 to 10.4 percent last year, according to Technomic.

Wendy's closed 240 US restaurants in 2024 and planned to close up to 358 this year, the AP reports. A franchisee with 314 Wendy's restaurants filed for bankruptcy last month.

Wendy's declined to comment, the AP reports. Trian declined to comment beyond the filing, CNBC reports. Trian looked at buying Wendy's in 2022 but dropped the idea. Wendy's reports earnings on November 5.

What we know: Trian's group offered $7.35 a share in cash for Wendy's.
What we don't: Whether Wendy's board will accept the offer.