April 24 (Bloomberg) -- Wendy's International Inc., the third-biggest U.S. hamburger chain, agreed to sell itself to billionaire investor Nelson Peltz's Triarc Cos. for $2.34 billion after seeking a buyer for the past year.

Wendy's jumped 1.7 percent in early U.S. trading today after Triarc said in a statement on Business Wire that it will offer 4.25 shares for each Wendy's share. That values Wendy's at about $26.78, 5.7 percent more than its share price yesterday.

The transaction combines Wendy's with Triarc's Arby's roast beef chain. Peltz pressured Wendy's to sell itself for more than two years, after it lagged behind McDonald's Corp. and Burger King Holdings Inc. Wendy's board appointed a committee in April 2007 to explore a possible sale after it spun off its Tim Hortons coffee-and-doughnut chain, the biggest driver of the company's profit in recent years.

Chief Executive Officer Kerrii Anderson failed to keep up with new product introductions from McDonald's, which added snack wraps and premium coffee, and Burger King, which offered a discount breakfast menu. Anderson took over in 2006.

Wendy's rose 24 cents to $25.32 yesterday in New York Stock Exchange composite trading. Triarc fell 11 cents to $6.30.

To contact the reporter on this story: Michael Nol in New York at mnol@bloomberg.net.

Last Updated: April 24, 2008 08:13 EDT