Papa John’s Stock Plummets 10% as Apollo Global Withdraws Take-Private Offer
Papa John’s International Inc. (PZZA) shares tumbled 10% following reports that Apollo Global Management (APO) withdrew its $64-per-share offer to take the pizza chain private. The private equity firm’s reversal comes alongside Irth Capital Management’s exit from the proposed deal, casting uncertainty over the company’s future as it prepares to report Q3 earnings on November 6.
The collapse of the deal coincides with broader weakness in the restaurant sector, where tightening consumer spending weighs on sales. Chipotle Mexican Grill (CMG) recently reported its third consecutive quarter of traffic declines, while Procter & Gamble (PG) noted pronounced pullbacks among lower-income households. Yum Brands (YUM) added to the sector’s turbulence by announcing a strategic review of its Pizza Hut chain on the same day.
