WENDY REJECTS $1.4 BILLION HOSTILE TAKEOVER BID

What happened: Wendy's board unanimously rejected a $1.4 billion hostile takeover bid from a group of investment firms, saying the offer undervalues the chain and is not in shareholders' best interest. Key numbers: Offer of $7.35 per share versus $7.75 pre-market Thursday. Stock down nearly 14% over 12 months. U.S. same-restaurant sales fell 5.7% in Q3. Why it matters: The board said the proposal substantially undervalues Wendy's standalone prospects and long-term earnings potential, while expressing confidence in CEO Bob Wright amid slowing sales and operational issues. Coverage: 5 outlets in 24h

Wendy's board unanimously rejected a $1.4 billion hostile takeover bid from a group of investment firms, saying the offer undervalues the chain and is not in shareholders' best interest.

The board said the proposal substantially undervalues Wendy's standalone prospects and long-term earnings potential, while expressing confidence in CEO Bob Wright amid slowing sales and operational issues.