Trian has no plans to make bid for Wendy's right now, sources say

Nelson Peltz's Trian Fund Management has no plans to make a take-private bid for Wendy's at this time, sources familiar with the matter told Reuters.

The move comes after the investment firm, a longtime Wendy's shareholder with around 16% of the fast food chain, was earlier this month reported by Reuters and others to be working on preparing a bid with the help of a consortium of investors, including Bugatti-backed BlueFive Capital and Flynn Group, a Wendy's franchisee.

News of a possible take-private sent the stock up 14.7% on August 12, with further momentum since pushing it to around a nine-month high, leaving the company with a market value of around $1.7 billion.

Trian has concerns about Wendy's performance, including its recent trading price and valuation multiples, as well as its current strategic direction, said the sources who are familiar with the matter but cannot discuss Trian's thinking publicly.

This leaves Trian keeping an open mind about its future intentions, the sources added, declining to elaborate further.