Rumors (again) of Papa John’s sale drive pizza chain share price higher
AI-generated summary reviewed by our newsroom.
- TriArtisan’s reported $65-per-share offer sent Papa John’s stock up 22%.
- Previous Apollo bids above $60 collapsed, triggering a 20% share slump.
- CEO Todd Penegor says company remains open-minded to the right bid.
Shares of Papa John’s rose faster than pizza dough Monday amid rumors of yet another potential takeover of the chain that was founded in Kentucky by John Schnatter.
Shares spiked, at one point up nearly 22%, after a report of another potential buyout in the works. While corporate headquarters are now in Atlanta, Papa John’s still maintains a corporate presence in Louisville.
According to abcmoney.co.uk, TriArtisan Capital Advisors, which recently agreed to acquire Denny’s Corp., is offering $65 a share for Papa John’s International Inc. That would put the chain’s value at $2.7 billion.
TriArtisan also owns P.F. Chang’s and TGI Friday’s.
The report, which cited anonymous sources, said talks could still end without a deal.
That’s often been the case lately: Last week, according to Reuters, private equity firm Apollo Global withdrew a $2.1 billion takeover bid for Papa John’s. Shares fell 20% after the Nov. 4 report. In June, Apollo and Irth Capital Management had submitted a joint offer for the company at just above $60 a share. After that deal failed, Apollo offered the solo $64 a share bid in October, then withdrew last week.
In the wake of that news, pizza chain CEO Todd Penegor said during a third-quarter earnings call Thursday that the company remained “open-minded” to the right bid.
