Wendy's board rejects $1.4 billion takeover bid, adopts poison pill
Wendy's board rejected a $1. 4 billion hostile takeover proposal on 5 November, saying the price undervalued the chain and implementing a poison-pill shareholder rights plan to deter further bids. The bid had been made by Trian Fund Management, led by activist investor Nelson Peltz, which offered $7.
35 per share in cash – a 20% premium to the prior closing price. Wendy's had been struggling with six consecutive quarters of declining sales and intensifying competition, prompting the board to appoint a committee to review the unsolicited offer.