{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-448576","form_type":"8-K","ticker":"WEN","cik":"0000030697","company_name":"Wendy's Co","filed_at":"2026-11-05T12:17:21+00:00","discovered_at":"2026-11-05T12:20:01.660582+00:00","generated_at":"2026-11-05T12:20:10.344348+00:00","sec_items":["1.01","3.03","5.02","5.03","7.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Wendy's Rejects Trian-Led $7.35/Share Proposal, Adopts One-Year 15% Rights Plan","bullets":["Wendy's independent committee unanimously rejected the Trian Partners-led Investor Group's unsolicited $7.35-per-share cash proposal for shares not already owned by the group.","The committee said the proposal substantially undervalues Wendy's and its Dave's Way plan; Morgan Stanley and Goldman Sachs advised the committee.","The board adopted a one-year shareholder rights plan with a 15% triggering threshold; rights expire November 3, 2027, with a record date of November 16, 2026.","Under the Rights Agreement with Equiniti Trust, the purchase price is $37.00 per one-thousandth of Series A Junior Participating Preferred Stock.","The board also amended omnibus award plans and the severance policy, setting an 18-month post-change-in-control protection period and removing the Peltz/May exclusion."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-448576","json":"https://secwatch.observer/filing/0001193125-26-448576.json","markdown":"https://secwatch.observer/filing/0001193125-26-448576.md","text":"https://secwatch.observer/filing/0001193125-26-448576.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/30697/000119312526448576/0001193125-26-448576-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/30697/000119312526448576/d305992d8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-11-05T12:20:10.344348+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}