A board committee reviewing the proposal reached that conclusion, the company said Thursday. Trian made the offer last week, arguing Wendy’s was “at a critical juncture” and would be better off as a private company.

The turnaround plan, led by Chief Executive Bob Wright since he took the helm in May, is intended to strengthen Wendy’s market share and performance. Its priorities include improving food quality and value, upgrading restaurants, and investing in marketing and digital sales.

Peltz has long been a major Wendy’s investor. Trian and related parties hold roughly 16% of the company, and the fund retains a presence on its board. Peltz’s son, Bradley, is a director and operates Wendy’s restaurants in New York, New Jersey and Pennsylvania, according to the company’s website.

Earlier this year, Peltz and others associated with Trian disclosed in a securities filing that they had spoken with potential investors about strategic options, including taking control of Wendy’s and taking it private. Trian said then that it had hired advisers to assess ways to improve returns for investors. The fund pushed for strategic options, including a possible sale, in 2022, but backed off in 2023.