BUZZ - Wendy's shares rise as Q3 results beat expectations and the company rejects a takeover offer led by Trian

November 5 - ** Fast food chain Wendy's WEN.O saw its share price rise about 2% in pre-market trading, to $7.81

** The company said its independent committee has rejected (link) a $1.4 billion privatization acquisition offer (link) from billionaire Nelson Peltz’s Trian Fund Management.

** In October, Peltz and several partners made an offer to acquire WEN, believing that the struggling fast-food chain needs restructuring, and that such restructuring can best be achieved out of public view

** After rejecting the $7.35 per share acquisition proposal led by Trian, Wendy’s adopted a one-year shareholder rights plan, which is automatically triggered if any holding reaches 15%

** Trian declined Reuters’ request for comment

** The company also released its third quarter earnings report

** The report showed third quarter revenue of $547 million, beating analyst expectations of $530.5 million—data compiled by London Stock Exchange Group (LSEG)

** Quarterly adjusted earnings per share were 13 cents, above market expectations of 9 cents

** As of the previous trading day’s close, WEN is down about 8% year-to-date

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