Papa John’s largest U.S. franchisee, who runs nearly 300 stores, is teaming up with Irth Capital in a major $47-per-share bid to take the pizza chain private.
Papa John’s and Pizza Hut may be sold as costs rise and sales fall; investors consider taking them private for easier restructuring.
A Qatari-backed investment fund, Irth Capital Management, has bid $47 per share to buy Papa John's pizza chain, valuing it at ~$1.5 billion—a big premium over its recent stock price amid ongoing takeover interest.
Papa John's is nearing an all-cash deal to go private. TriArtisan Capital offered $65 per share, a nearly 58% premium, valuing the chain at $2.7B.
Private equity firm Apollo withdrew its $64-a-share bid for Papa John's due to tightening consumer spending and expected tough Q3 earnings (7% drop).
Apollo Global Management increases its bid to take Papa John's pizza chain private at $64/share, up from June's $60 offer, as private equity eyes restaurant sector deals.
