Nelson Peltz, the billionaire and activist investor who holds a 4.4% stake in Wendy’s International, has said that he is prepared to offer between $3.2bn and $3.5bn for the outstanding shares in the company. In a letter to the company, Peltz restated that Triarc, his restaurant company, was a “natural strategic buyer” for Wendy’s, which has been exploring its options including a possible sale since April. The move by Peltz comes a day after his standstill agreement with Wendy’s, the third largest burger chain in the US, expired. Under the terms of the agreement, Peltz and his associates were granted three seats on Wendy’s board on the understanding they would not seek to take control of the company. The mooted bid also comes a day after Peltz and two of his business partners stepped down as officers of Triarc, which is the parent company of Arby’s. Industry experts believe he has made this move to avoid conflict of interest objections concerning Wendy’s.