Wendy’s Offer Comes in Low

Nelson Peltz, unhappy with the way Wendy’s International has been run, has now offered less than was expected to buy the U.S. hamburger chain.

Peltz’ Triarc Cos., the parent company of the Arby’s fast-food chain, informed the Securities and Exchange Commission it put in an offer for Wendy’s Monday. However, Triarc didn’t disclose how much it was willing to pay, only that it was below the $37-$41 a share it had indicated it was prepared to fork over in July, The Wall Street Journal reported Tuesday.

Triarc said its offer, which is now expected to be less than $3.2 billion, would be mostly cash but also partly in Triarc equity.

Peltz, who is Triarc’s chairman, is also a large Wendy’s investor who has advocated change at the Dublin, Ohio, chain, the newspaper said.

More than a dozen parties showed interest in buying Wendy’s early in the sale process but the tightening credit markets put a damper on their enthusiasm and it was unclear whether any other suitors remain, the Journal reported.