Wendy's rejects $1.4B buyout bid, adopts poison pill

Wendy's rejected a $1.4 billion buyout offer from Nelson Peltz's investor group, saying the bid undervalues the company and its turnaround plan under new CEO Bob Wright. The board adopted a one-year poison pill triggered if any holder reaches 15%, aimed at blocking a hostile takeover. Peltz's group holds 16.3% of shares.