The Associated Press writes "billionaire investor Nelson Peltz submitted an offer to buy Wendy’s  International Inc. (WEN), but the proposed price is below what he previously said the nation’s third-largest hamburger chain is worth, according to a regulatory filing Tuesday."

At one point, Peltz said the fast food chain might be worth $37 to $41. But, the shares trade at under $31.

Triarc Co (TRY), a company owned by Peltz, made the bid.

No one would be surprised if the number was below $34 a share.

Yesterday we noted the possibility and rationale for a "take-under" scenario being quite possible..

Douglas A. McIntyre