Shares of Wendy’s jumped 15% at the opening bell Wednesday after noted investor Nelson Peltz made an offer to buy the struggling burger chain.

Wendy’s shares are down 25% in the past year following a years-long decline. The chain, founded in 1969 by Dave Thomas and named after his daughter, is known for its square burgers and Frosty desserts. But 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.

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, declined to comment. The chain is scheduled to report its quarterly financial results next week. Analysts expect Wendy’s to post earnings of 9 cents per share on sales of $531 million on average.

Shares rose 91 cents to $7.05 Wednesday.