New Delhi, Oct. 29 -- US billionaire investor Nelson Peltz and a consortium of partners have made a $1.4 billion offer to acquire burger chain Wendy's, saying the struggling fast-food company requires a turnaround that would be better pursued under private ownership.

The group, led by Peltz's investment firm Trian Fund Management, has proposed paying $7.35 per share in cash.

Peltz, who has been a major Wendy's shareholder for years, is joined in the bid by restaurant operator Flynn Group and investment firms BlueFive Capital and Sixth Street Partners. Trian and its related parties together own a 16.3% stake in the burger chain, a regulatory filing showed.

The proposed price is around 20% higher than Wendy's closing share price on Tuesd...