Nelson Peltz's Trian preparing take-private bid for Wendy's

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The activist firm is working with BlueFive Capital and franchisee Flynn Group on a proposal expected in the coming weeks

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According to a source familiar with the matter, Trian Fund Management — the firm led by Nelson Peltz — is putting together a group of investors with the goal of taking Wendy's $WEN private, Reuters reported Wednesday. Wendy's stock jumped as much as 15% on the news and was temporarily halted for volatility.

Reuters reported that BlueFive Capital and Flynn Group, a franchisee with one of the longest tenures in the Wendy's system, are among the parties that may join the consortium. A bid is expected in the coming weeks, though the source cautioned the exact timing could change.