Wendy's (WEN) may be cooking up burgers for a billionaire soon.

Longtime Wendy's investor and former chairman Nelson Peltz of Trian Partners has reportedly offered $1.4 billion to buy the struggling fast food giant, according to an SEC filing.

Wendy's shares rose 15% in premarket trading. The company's market cap was $1.17 billion prior to the deal.

A Wendy's spokesperson didn't return a request for comment. A spokesperson for Trian Partners didn't return a request for comment.

Billionaire Peltz — while familiar with the operations — would essentially be buying a dumpster fire.

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