
Wendy's has rejected a $1.4 billion cash takeover offer from an investor group led by Nelson Peltz's Trian Fund Management, stating the $7.35 per share bid significantly undervalues the company.
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Wendy's board formed a committee in February to evaluate potential bids from Trian after a regulatory filing.
Wendy's on Thursday said that it is rejecting a $1.4 billion takeover offer from a group of investors led by Nelson Peltz's Trian Fund Management.
The group offered $7.35 per share in cash on Oct. 28 to take the burger chain private. In addition to Trian, it included investment firms BlueFive Capital and Sixth Street Partners, plus Flynn Group, one of Wendy's largest franchisees.
In February, Wendy's board formed a committee of independent directors to assess any potential bid from Trian in response to a regulatory filing from the firm. The committee found that the proposal "substantially undervalues" Wendy's, Wendy's said in a press release on Thursday.

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Wendy's has rejected a $1.4 billion acquisition offer from an investor group led by Nelson Peltz's Trian Fund Management, citing undervaluation. The company implemented a one-year shareholder rights plan to defend against a potential hostile takeover.

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