Trian Fund Management is considering a takeover bid for Papa John’s, the Wall Street Journal reported. The activist hedge fund also has a 13 percent stake in Wendy’s.

Shares of Papa John’s rose as much as 16 percent in after-hours trading following the news.

Papa John’s has been exploring a sale after the company took a hit due to founder John Schnatter’s controversial comments on a conference call, which came to light in July.

Even before Schnatter’s controversy, Trian co-founder Nelson Peltz brought him to a meeting with Wendy’s executives in June to discuss a possible deal.

Although Schnatter’s image has been scrubbed from Papa John’s marketing materials and he stepped down as chairman, he remains on the board and holds a nearly 30 percent stake in the company.

Representatives for Papa John’s and John Schnatter both declined to comment.

WATCH: Papa John’s founder mentions ouster ‘intuition’

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