Fast-food tycoon Nelson Peltz will not make a play for CKE Restaurants, owner of the Hardee’s and Carl’s Jr. hamburger chains, a source close to the process said.

Peltz had been considering getting into a bidding war with private equity firm THL Partners for the chain through his Wendy’s/Arby’s Group. But after conducting due diligence, he has decided to pass, the source said.

Last month, THL reached a deal to pay $928 million for CKE after winning a limited auction. CKE then announced it would accept rival offers until April 6.

Wendy’s earlier this week said its board had raised the company’s stock repurchase by $50 million, to $250 million.

CKE shares closed at $11.25.

A Peltz spokeswoman declined comment, and a CKE spokeswoman did not return calls.