Wendy’s rejects $1.4B takeover bid — ‘substantially undervalues’ company, adopts ‘poison pill’ plan

Wendy’s rejected a $1.4 billion buyout from billionaire Nelson Peltz’s Trian Fund Management, claiming that the offer “substantially undervalues” the company and adopting a “poison pill” plan to protect the company from a hostile takeover. The burger chain’s board unanimously opposed the offer that would have taken the company private after years of declining sales...