Investing.com -- Nelson Peltz's Trian Fund Management is nearing a formal take-private bid for Wendy's, assembling a consortium that could include Abu Dhabi-based BlueFive Capital and Flynn Group, one of the burger chain's largest franchisees, the Financial Times reported Wednesday. Wendy's (NASDAQ: WEN) shares rose 12% following the report. Once a formal offer lands, Wendy's independent directors would decide whether to negotiate directly with Trian or run a broader auction. He first acquired a Wendy's stake in 2005 and later orchestrated the Tim Hortons spinoff and a $2.34 billion acquisition of the enterprise in 2008. Flynn Group has not publicly confirmed its involvement, and BlueFive's precise ownership structure and assets under management have not been disclosed.