Wendy’s rejected a $1.4 billion buyout offer from an activist investor, saying Thursday that the bid was too low and didn’t take into account the company’s long-term earnings potential under its new CEO.

The Dublin, Ohio-based burger chain also said Thursday that its board had adopted a “poison pill” plan designed to make it more difficult to engineer a hostile takeover of the company.

Noted investor Nelson Peltz made an offer last week to buy the chain, which has been struggling with high beef prices and aging stores. Peltz said the fast-food landscape had become increasingly challenging, with consumers under pressure, intensifying competition and persistent inflation, and his offer was the best path forward for shareholders.

But in a conference call with investors Thursday, Wendy’s CEO Bob Wright said Wendy’s has a turnaround plan in place that is already producing good results.

“We’re confident that we have the right strategy, execution and resources to restore Wendy’s to its full potential and drive meaningful shareholder value,” Wright said.

Shares rose less than 1% Thursday as the company reported a better than expected performance in the third quarter.

Wendy’s shareholder rights plan — commonly known as a “poison pill” plan — grants all shareholders except a hostile bidder the right to purchase discounted shares and dilute the hostile bidder’s ownership stake. It is automatically triggered if a person or group owns 15% or more of Wendy’s shares.