Shares of Papa John’s jumped Wednesday on the news that the pizza chain might be taken private.
Papa John’s International (PZZA) stock finished the session up 7.5%, after rising as much as 15% earlier in the day to its highest level since November. A Semafor report said that asset manager Apollo and Irth Capital Management have bid to take the company private in a deal valuing it at about $2 billion. Papa John’s market capitalization is around $1.6 billion, according to Visible Alpha.
Irth Capital, which is associated with Qatar’s royal family, as well as Apollo and Papa John’s, did not respond to Investopedia’s requests for comment in time for publication.
Papa John’s in early May reported first-quarter North American comparable-store sales that were down year-over-year. Its shares’ value has risen more than a quarter this year, climbing off April lows.
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