Dublin, Ohio Wendy’s International rejected two offers made by Trian Partners LP and Triarc Co. respectively, to buy the company, according to a regulatory filing.
The filing said Triarc’s proposal called for the combination of Wendy’s and Arby’s.
Trian offered to buy Wendy’s for more than $900 million in cash and stock. This move came on the heels of a proposal in February, when Nelson Peltz, Trian’s chairman, proposed to overhaul Wendy’s board.
If this offer was accepted, Peltz, who owns 8.6 million Wendy’s shares and a 9.8% stake in Wendy’s, would gain effective control of the company.