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Papa John's Stock Heats Up On Takeover Bid Reports - Papa John's International (NASDAQ:PZZA)
Irth Capital, backed by Qatari investors and holding about 10% of Papa John's, bids $47 per share valuing the company at $1.5 billion amid operational challenges.
- Irth Capital Management submitted a $47-per-share offer to acquire Papa John's International Inc on Wednesday, backed by Qatari investors and supported by Brookfield Asset Management.
- Papa John's recently announced plans to close hundreds of U.S. stores and expects North American same-store sales to decline this year amid rising competition from Domino's.
- Irth already holds about a 10% stake and recently increased its ownership, previously offering $60 per share in a joint bid with Apollo Global last year.
- Shares reacted immediately, rising sharply on Wednesday as Papa John's shares jumped 19.02% and traded near $38.73, with a market cap around $1 billion as of Tuesday's close.
- The offer values Papa John's at $47 per share, or roughly $1.5 billion, representing a premium of about 50% to Wednesday trading levels, while Domino's scale contrasts sharply with this.
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Papa John’s mulling fresh $1.5B offer to go private: report
Papa John's International is reviewing a fresh bid from Irth Capital Management to take the pizza chain private, valuing it at about $1.5 billion, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
·New York, United States
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Coverage Details
Total News Sources15
Leaning Left3Leaning Right4Center1Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 38%
12%
R 50%
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