Papa John’s mulling fresh $1.5B offer to go – Business News
Papa John’s International is reviewing a fresh bid from Irth Capital Management to take the pizza chain non-public, valuing it at about $1.5 billion, the Wall Street Journal reported Wednesday, citing people aware of the matter.
Shares of Papa John’s had been up 15% in afternoon trading following the information.
Irth has supplied $47 per share for the company, the report mentioned, representing a premium of about 44% to the stock’s final close. Papa John’s has a market worth of round $1.07 billion, in accordance to knowledge compiled by LSEG.
Papa John’s International is reviewing a fresh bid from Irth Capital Management to take the pizza chain non-public, valuing it at about $1.5 billion. Getty Images
Papa John’s and Irth didn’t instantly reply to Reuters’ request for remark.
Apollo Global withdrew its offer to take the pizza chain non-public for $64 a share, Reuters had reported in November.
Following this development, activist investor Irenic Capital Management constructed a stake in Papa John’s, including to the mounting hypothesis in regards to the pizza chain’s future.
Apollo and Irth Capital Management submitted a joint offer for the company at simply above $60 per share earlier final yr, earlier than Apollo submitted a solo bid in early October, Reuters beforehand reported.
Irth was established in 2024 and is backed by a member of the Qatari royal household. Bloomberg through Getty Images
There is no certainty Papa John’s will settle for Irth’s offer beneath review and one other bidder might emerge, the WSJ report mentioned, including that the proposal consists of backing from Brookfield Asset Management.
Irth, established in 2024 and backed by a member of the Qatari royal household, is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw.
A deal for Papa John’s could be amongst its first main transactions, the report mentioned.
Papa John’s began in Jeffersonville, Ind., in 1984 and went public in 1993. It has been trying a turnaround strategy after years of battling weak demand beneath a number of CEOs.
