Wendy's says no to Nelson Peltz: $1.4 billion offer 'substantially undervalues' the chain

Wendy's has rejected a $1.4 billion takeover proposal from a group led by Nelson Peltz's Trian Fund Management, CNBC reports. The group, which also includes BlueFive Capital, Sixth Street Partners and franchisee Flynn Group, offered $7.35 per share in cash on Oct. 28 to take the burger chain private. A committee of independent directors found the bid "substantially undervalues" Wendy's and ignores gains from its turnaround under CEO Bob Wright. The board adopted a one-year poison pill, and the Trian group refused a standstill agreement. Peltz and Wendy's go back more than two decades: his Triarc bought the chain in 2008 for $2.3 billion, he spent 17 years on the board and was named chairman emeritus in 2024. Same-store sales fell for a seventh straight quarter, though earnings and revenue beat expectations; the stock has lost about 60% in three years.