Papa John’s mulling fresh $1.5B offer to go personal: report

Papa John’s mulling fresh $1.5B offer to go personal: report

Papa John’s International is reviewing a fresh bid from Irth Capital Management to take the pizza chain personal, valuing it at about $1.5 billion, the Wall Street Journal reported Wednesday, citing people accustomed to the matter.

Shares of Papa John’s had been up 15% in afternoon buying and selling following the news.

Irth has supplied $47 per share for the company, the report said, representing a premium of about 44% to the inventory’s last shut. Papa John’s has a market worth of round $1.07 billion, according to data compiled by LSEG.

Papa John’s International is reviewing a fresh bid from Irth Capital Management to take the pizza chain personal, 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 personal 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 about the pizza chain’s future.

Apollo and Irth Capital Management submitted a joint offer for the company at just above $60 per share earlier last yr, before 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 by way of Getty Images

There isn’t any certainty Papa John’s will settle for Irth’s offer under review and another bidder may emerge, the WSJ report said, 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 can be among its first major transactions, the report said.

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 under a number of CEOs.

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