Signage for a Wendy's restaurant in Brampton, Ontario, on April 21, 2026.

Mike Campbell | Nurphoto | Getty Images

A group of investors led by Nelson Peltz's Trian Fund Management has offered $1.4 billion to buy Wendy's , according to a regulatory filing Wednesday.

The group has offered $7.35 per share in cash to take the burger chain private, paying a 20% premium to Tuesday's closing price. In addition to Trian, it includes investment firms BlueFive Capital and Sixth Street Partners, plus Flynn Group, one of Wendy's largest franchisees.

Wendy's shares spiked about 15% in morning trading following the offer. The Wall Street Journal first reported Peltz's proposal.

Wendy's did not immediately respond to a request for comment from CNBC. Trian declined to comment beyond the filing.

The take-private deal offer comes after a tough two-year stretch for the burger chain. Wendy's stock has tumbled 65% over that period, including Wednesday's gains.…