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Wendy's board rejects $1.4 billion Trian-led takeover bid
Wendy's directors unanimously rejected a $1.4 billion unsolicited offer led by Trian Partners, saying it undervalued the company, CBS News reported.
- New headline Was: “Wendy's board rejects $1.4 billion takeover bid led by Trian”
- Our desk updated its story
- New headline Was: “Wendy's rejects $1.4 billion hostile takeover bid”
- Our desk filed its story
Wendy's board of directors on Thursday unanimously rejected a $1.4 billion unsolicited takeover proposal led by Trian Partners, CBS News reported1.
Chairman Art Winkleblack said an independent committee concluded the offer substantially undervalued standalone prospects1. Partners named in the report were Flynn Group LP, BlueFive Capital and Sixth Street Partners, offering $7.35 a share1.
CBS News said Wendy's stock traded at $7.75 before markets opened Thursday1. The company had confirmed last month that it received the proposal1. Whether the bidders will go hostile remains a stated possibility in the headline, not a completed tender1.
CBS News used "hostile" in its headline for the unsolicited bid; the board action described was a rejection, not a completed tender offer1.
