Wendy's rejects buyout bid from activist investor and adopts 'poison pill' plan

What happened: Wendy's rejected a $1.4 billion buyout offer from activist investor Nelson Peltz, saying the bid was too low, and adopted a "poison pill" shareholder rights plan to make a hostile takeover more difficult. Key numbers: Offer valued at $1.4 billion. Why it matters: A committee of independent directors unanimously rejected the offer because it "substantially undervalues" the company. Wendy's has wrestled with inflation, and lower-income customers have cut down on visits as the company raised prices to combat rising labor, food and packaging costs. Coverage: 3 outlets in 24h

Wendy's rejected a $1.4 billion buyout offer from activist investor Nelson Peltz, saying the bid was too low, and adopted a "poison pill" shareholder rights plan to make a hostile takeover more difficult.

A committee of independent directors unanimously rejected the offer because it "substantially undervalues" the company. Wendy's has wrestled with inflation, and lower-income customers have cut down on visits as the company raised prices to combat rising labor, food and packaging costs.