Trian-led group makes $7.35-a-share take-private offer for Wendy's

Wendy's confirmed an unsolicited, non-binding proposal from Trian Partners, Flynn Group, BlueFive Capital and Sixth Street to buy all shares they don't already own for $7.35 each in cash. An independent board committee, advised by Morgan Stanley, will evaluate the offer.

Why it matters: Nelson Peltz's Trian, a longtime Wendy's holder, is pushing for control as new CEO Bob Wright works on a turnaround plan due November 5.