00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Wendy's has rejected a $1.4 billion takeover offer from a group of investors led by Nelson
00:09Peltz's Try-In Fund Management, according to CNBC. The group offered $7.35 per share in cash
00:16on October 28th to take the struggling burger chain private. The group also included Blue 5
00:22Capital, Sixth Street Partners, and Flynn Group, one of Wendy's largest franchisees.
00:28Wendy's independent board committee determined the proposal substantially undervalued the company
00:32and failed to reflect potential gains from its ongoing turnaround strategy.
00:37Try-In declined to comment on the decision. The rejection came as Wendy's reported its
00:42seventh consecutive quarter of declining same-store sales. However, third-quarter
00:47earnings and revenue exceeded Wall Street's expectations. For all things money, visit Benzinga.com.
