Wendy’s 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’s private, according to The Wall Street Journal. The $7.35-per-share cash bid is a roughly 20% premium, and shares rose about 15% Wednesday.

Joining Peltz’s Trian Fund Management are BlueFive Capital, Sixth Street Partners and franchisee Flynn Group, which operates more than 300 Wendy’s locations worldwide. Trian and related parties own roughly 16% of Wendy’s, and Peltz’s son Bradley sits on the board. This is not Trian’s first attempt. The hedge fund pushed for a sale in 2022 before backing off the following year.

Wendy’s 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’s 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.

In a letter included with the filing, Trian argues the multi-year turnaround Wendy’s needs would be easier to execute as a private company.