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Wendy rejects the acquisition bid from Trian, a subsidiary of Nelson Peltz
CNBC
40m ago
Ai Focus
Wendy stated on Thursday that it rejected a $1.4 billion acquisition offer led by Triant Fund Management, a subsidiary of Nelson Peltz. The company said that the cash offer of $7.35 per share "seriously undervalued" Wendy's value and did not reflect the potential benefits of its ongoing business turnaround strategy.
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Wendy stated on Thursday that the company rejected a $1.4 billion acquisition bid from a group of investors led by Triant Fund Management, a subsidiary of Nelson Peltz.

On October 28th, the consortium offered a cash bid of $7.35 per share, aiming to privatize this troubled hamburger chain company. In addition to Trian, the members of the consortium also include investment firms BlueFive Capital and Sixth Street Partners, as well as one of Wendy's largest franchisees, Flynn Group.

Wendy stated that in February of this year, after Trian submitted a regulatory document, the company's board of directors established a committee composed of independent directors to evaluate any potential acquisition offers from Trian. In a press release on Thursday, the company said that the committee determined that the proposal "seriously underestimated" the value of Wendy and did not reflect the potential benefits of the turnaround strategy that the chain brand is pursuing.

Trian refuses to comment on Wendy's decision.

Wendy also announced its third-quarter results on Thursday. Its same-store sales declined for the seventh consecutive quarter. However, the company's earnings and revenue for that quarter exceeded Wall Street's expectations.

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