Wendy's shares plunged in after-hours trading Wednesday after Reuters reported that Nelson Peltz's Trian Fund Management has no current plans to make a bid for the struggling burger chain, reversing much of a takeover-driven rally earlier this month.

The stock fell more than 14% after the report. Trian, which owns roughly 16% of Wendy's, had previously been reported to be assembling a consortium, which could include BlueFive Capital and franchisee Flynn Group, to take Wendy's private.

That report sent the shares up 14.7% on Aug. 12, and subsequent deal speculation pushed the stock to around a nine-month high at Wednesday's close.

A representative from Wendy's wasn't immediately available to comment.

Wendy's underlying business remains difficult. U.S. same-restaurant sales fell 7% in the second quarter, while international same-restaurant sales declined 2.3%. Revenue rose 1.7% to $570.6 million, but adjusted earnings fell to 18 cents a share from 29 cents a year earlier.

Wendy's also withdrew its full-year outlook and cut its dividend to preserve cash for a turnaround.

New CEO Bob Wright, who took the job in May, has acknowledged that Wendy's sacrificed food quality to reduce costs. The company has also struggled with weaker traffic, inconsistent operations, and heavy discounting.

Wright has laid out a five-part turnaround focused on food quality and value, marketing, restaurant operations, digital engagement, and unit growth. With a takeover potentially off the table, investor attention will now return to Wright's ability to execute the turnaround.

Even before Wednesday's after-hours drop, the shares were roughly 60% below where they traded five years ago.