Wendy's shares jumped Wednesday after the Financial Times reported that activist investor Nelson Peltz is laying groundwork for a bid to take the fast-food chain private. The report said Peltz's Trian Fund Management is assembling a consortium that could include BlueFive Capital and Flynn Group, one of Wendy's largest franchisees, with a formal offer possibly arriving within weeks. Wendy's said it would thoroughly review any proposal submitted by Trian consistent with its fiduciary duties. Peltz has been involved with Wendy's since the 2000s and served as chairman of The Wendy's Company for more than 15 years until September 2024. He sold 2.6 million shares shortly before stepping down at $20.30 each. Trian, which owned more than 19% of Wendy's in 2022, had previously considered a buyout before later saying it would not pursue a takeover. Wendy's shares have lost nearly half their value over the past 12 months, though the stock also briefly rallied in June during a Reddit-driven meme-stock burst. Short sellers are watching closely, with 43.30% of the float sold short, raising the possibility of a squeeze if a premium bid materializes.