The decision followed a formal review by a committee of independent directors, which Wendy's board established in February in response to an initial regulatory filing from Trian Fund Management. On Oct. 28, the investor group offered $7.35 per share in cash, valuing the company at $1.4 billion. However, the special committee concluded that the price fell well short of the company's intrinsic value. The rejected acquisition syndicate included activist investor Nelson Peltz alongside major franchisee Flynn Group and investment firms BlueFive Capital and Sixth Street Partners.
Key points
Wendy's board of directors concluded that the $7.35 per share offer substantially underva…: Wendy's board of directors concluded that the $7.35 per share offer substantially undervalues the burger chain.
The acquisition review was managed by a committee of independent directors initially form…: The acquisition review was managed by a committee of independent directors initially formed in February.
The fast-food chain will continue to operate as an independent public company despite pre…: The fast-food chain will continue to operate as an independent public company despite pressure from activist investors.
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The Wendy's logo is seen on a sign outside of the fast food restaurant near Bloomsburg.
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Wendy's on Thursday said that it is rejecting a $1.4 billion takeover offer from a group of investors led by Nelson Peltz's Trian Fund Management.
The group offered $7.35 per share in cash on Oct. 28 to take the burger chain private. In addition to Trian, it included investment firms BlueFive Capital and Sixth Street Partners, plus Flynn Group, one of Wendy's largest franchisees.
In February, Wendy's board formed a committee of independent directors to assess any potential bid from Trian in response to a regulatory filing from the firm. The committee found that the proposal "substantially undervalues" Wendy's, Wendy's said in a press release on Thursday.
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