Updated on: November 5, 2026 / 9:22 PM EST / CBS News

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

"The Independent Committee thoroughly evaluated this Proposal and unanimously concluded that it substantially undervalues Wendy's standalone prospects and long-term earnings potential," Art Winkleblack, chairman of the board, said in a statement, while also expressing confidence in CEO Bob Wright.

The takeover bid was led by asset management firm Trian Partners, founded by activist investor Nelson Peltz, along with Flynn Group LP, BlueFive Capital and Sixth Street Partners.

The groups are offering $7.35 per share for Wendy's, whose stock traded at $7.75 before markets opened on Thursday.…