has offered to buy
, but at a price lower than it was willing to pay over the summer.
In a Securities and Exchange Commission filing Tuesday, Triarc said it submitted an offer Monday to buy all of Wendy's shares, primarily with cash.
The firm didn't disclose its proposed price, but said it is below what it was prepared to offer in July. At the time, Triarc said in a letter it would value Wendy's at $37 to $41 a share.
In late July, the hamburger chain's stock was trading around $34. On Tuesday, the stock closed up 5 cents to $31.60.
Wendy's put itself up for sale earlier this year after ongoing troubles with falling sales, rising commodity costs and rankling from Peltz, who owns about 9.8% of the company.
The proposal from Triarc, owner of the Arby's fast-food chain, is subject to the receipt of satisfactory financing commitments, completion of due diligence, and the final approval of its board.