Wendy's Independent Committee rejected a Trian-led $7.35-per-share take-private as a substantial undervaluation, adopted a limited-duration rights plan, and launched Dave's Way — revising breakfast to location-specific after profit tests, with an LOI to acquire up to 163 Meritage Wendy's restaurants. The same week a Denny's multi-unit operator filed Chapter 11 in North Texas, Bloomin' printed Outback comps on check not traffic, and McDonald's pushed Archy drive-thru AI toward a 2027 U.S. standard. In today's members-only Savor Intelligence report: remodel asks, not a PE exit — and holiday feasts locking spend into first-party channels.