Trian Fund Management has joined a group of investors in proposing a $1.4bn acquisition of Wendy’s, according to The Globe and Mail, in a potential take-private deal that could give the fast-food chain greater flexibility to pursue a turnaround strategy.

The proposal values Wendy’s shares at $7.35 each in cash. Trian, already the company’s largest shareholder, is partnering with restaurant operator Flynn Group, BlueFive Capital and Sixth Street Partners on the offer.

Wendy’s has confirmed receipt of the unsolicited, non-binding proposal and said an independent committee will evaluate the offer with financial and legal advisers. The company cautioned that there is no guarantee the proposal will lead to a transaction.

The bid comes as Wendy’s faces pressure to improve its operating performance amid a challenging consumer environment and intensifying competition in the US fast-food market.

For Trian, the proposed acquisition could mark a shift from shareholder activism towards outright ownership, potentially allowing the investor group to pursue longer-term operational changes outside the scrutiny of public markets. The outcome will depend on the committee’s assessment and any subsequent negotiations over the terms of a deal.