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Papa John’s Shares Surge 15% on $2B Take-Private Bid from Apollo and Irth Capital
Papa John’s Shares Surge 15% on $2B Take-Private Bid from Apollo and Irth Capital
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Papa John’s International (PZZA) stock skyrocketed more than 15% intraday following reports of a $2 billion takeover offer from Apollo Global Management and Qatari investment firm Irth Capital. The bid, valuing the pizza chain in the low $60s per share, represents a 24% premium to Tuesday’s closing price of $48.20. Semafor first reported the talks, citing unnamed sources familiar with the matter.
The third-largest global pizza delivery brand has outperformed earnings expectations in seven of the last eight quarters, with stable revenue and improving margins. Its discounted valuation compared to peers Yum! Brands and Domino’s Pizza makes it an attractive target for private equity.
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