Wendy's (WEN) faces a potential take-private bid from Trian Fund Management, which is seeking investor backing for a takeover, the Financial Times reported Tuesday, citing people familiar with the matter.

Trian has held discussions with potential financiers, including investors in the Middle East, according to the report.

The activist investor, a major Wendy's shareholder, has pushed the fast-food chain to explore strategic alternatives as early as 2022.

There is no formal offer or guarantee that the financing discussions will succeed, the people told the FT.

Trian and Wendy's did not immediately reply to MT Newswires' requests for comment.

Shares of the company were up 4.4% in premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)