THE BARE STORY
Wendy’s said Thursday it had rejected a $1.4 billion proposal to take the restaurant chain private from an investor group led by Nelson Peltz’s Trian Fund Management. The offer was for $7.35 per share.
The group also includes Flynn Group, BlueFive Capital and Sixth Street Partners. Wendy’s said an independent board committee concluded that the proposal substantially undervalued the company and did not reflect its standalone prospects or long-term earnings potential.
Board Chairman Art Winkleblack said the board remained confident in Chief Executive Bob Wright and the company’s turnaround strategy. Trian declined to comment, according to one account.
Wendy’s said it adopted a one-year shareholder rights plan after the investor group declined a proposed standstill agreement that would have paused further share purchases. The company also reported declining third-quarter same-store sales; it said U.S. same-restaurant sales fell 5.7% from a year earlier.
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