Investing.com -- Wendy's (NASDAQ: WEN) shares have dropped more than 14% in premarket trading Thursday after Reuters reported that Nelson Peltz's Trian Fund Management has stepped back from a potential buyout of the burger chain.

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

The firm is said to have concerns about Wendy's performance, including its recent trading price and valuation multiples, as well as its current strategic direction, the sources said.

The reversal follows reports earlier this month that the investment firm, a longtime shareholder with around 16% of the company, was working on preparing a bid alongside a consortium of investors including BlueFive Capital and Flynn Group, a Wendy's franchisee.

That news drove the stock up 14.7% on Aug. 12, with further momentum since pushing it to around $9 per share and lifting the company's market value to roughly $1.72 billion.

Wendy's fell 13.3% in post-market trading Wednesday after the latest report, extending losses into Thursday's premarket session.

Reuters added that its sources said Trian is keeping ​an open mind about its future intentions.