In the burger wars currently raging in the United States, there is one clear loser among the major chains: Wendy’s. Its fortunes have declined so much that it’s now the target of Nelson Peltz’s Trian Fund Management, which is offering to take the restaurant private for $1.4 billion, a sum that’s not even 1% of McDonald’s market value.

The restaurant chain, once beloved for its “fresh, never frozen” beef and reputation for being a higher-quality fast-food option, has been struggling for 18 months. Its promotions have fallen flat, intense competition has stolen customers, and a revolving door in the corner office has deprived it of the focus needed to get out of its rut. Long the second-largest U.S.…