Wendy's International Inc. (WEN) said on Thursday it will return $1 billion to shareholders through share buybacks and dividends over the next three years.

The fast-food chain said its board of directors approved a buyback of up to 35.4 million shares, and as part of that plan, the company will launch a modified Dutch auction tender offer for up to $800 million in shares later this month.

The company has not yet set a price for the Dutch auction, Chief Executive Kerrii Anderson said during a meeting with analysts in New York.