NEW YORK (AP) — The Wendy's Co. board of directors approved a new $1.4 billion stock buyback plan that will also trim Chairman Nelson Peltz's stake in the company. The company said the buyback is approved through the end of 2016 and will be paid for with cash, proceeds of about $925 million from a recent round of financing, and the sale of its bakery operations. It will repurchase $850 million shares beginning Wednesday, which also includes a modified "Dutch auction" tender offer for up to $639 million worth of its stock.
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