secwatch.observer — SEC 8-K summary
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Issuer:     Wendy's Co (WEN)
CIK:        0000030697
Form:       8-K
Filed at:   2026-11-05T12:17:21+00:00
Accession:  0001193125-26-448576
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 3.03, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/30697/000119312526448576/0001193125-26-448576-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/30697/000119312526448576/d305992d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-448576

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