Wendy's said it is rejecting a $1.4 billion takeover offer from a group led by Nelson Peltz's Trian Fund Management, which proposed $7.35 per share in cash on Oct. 28 to take the burger chain private. The group also includes BlueFive Capital, Sixth Street Partners and Flynn Group, one of Wendy's largest franchisees. An independent board committee formed in February concluded the proposal 'substantially undervalues' Wendy's and does not reflect the potential gains from its ongoing turnaround. In its third-quarter report, same-store sales fell for a seventh straight quarter, but earnings and revenue beat Wall Street expectations, and Trian declined to comment.
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Original headline: Wendy's rejects takeover proposal from Nelson Peltz’s Trian
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