Wendy’s rejects $1.4 billion take-private bid from Trian-led investor group

An investor group led by Nelson Peltz’s Trian Fund Management offered $7.35 a share in cash to take Wendy’s private, but the chain rejected the $1.4 billion bid. Wendy’s independent-director committee argued that the offer substantially undervalued the company and failed to account for potential turnaround gains. The rejection came alongside a seventh straight quarter of declining same-store sales, despite earnings and revenue beating Wall Street’s expectations.