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Wendy's up as Q3 results beat estimates, rejects Trian-led buyout offer

By Reuters News

** Shares of fast-food chain Wendy's WEN.O rise ~2% to $7.81 premarket

** Co says its independent committee rejected the $1.4 billion take-private buyout offer by billionaire Nelson Peltz's Trian Fund Management

** Peltz and several partners offered to buy WEN in October, arguing that the struggling fast-food chain needs a turnaround that would be best achieved out of the public eye

** Wendy's adopts one-year shareholder rights plan after rejecting Trian-led group's $7.35/share proposal; plan triggers at 15% ownership threshold

** Trian declines Reuters request for comment

** Co also reports third-quarter results

** Reports Q3 revenue of $547 million, beating analysts' estimates of $530.5 million - data compiled by LSEG

** Posts quarterly adjusted EPS of 13 cents, versus expectations of 9 cents

** Up to last close, WEN down about 8% YTD

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