GoKawiilWendy's rejects Peltz's $1.4B buyout bid, adopts poison pill
Wendy's independent directors unanimously rejected a $1.4 billion buyout offer from activist investor Nelson Peltz, saying it undervalues the company. The board also adopted a one-year shareholder rights plan that triggers discounted stock purchases for other shareholders if any party's stake hits 15%; Peltz's Trian Fund Management already owns 16.3% of shares.