---
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"
generated_at: "2026-11-05T12:20:10.344348+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Wendy's Rejects Trian-Led $7.35/Share Proposal, Adopts One-Year 15% Rights Plan

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.03, 5.02, 5.03, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-448576
- JSON: https://secwatch.observer/filing/0001193125-26-448576.json
- Plain text: https://secwatch.observer/filing/0001193125-26-448576.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.