Overview
- Irth Capital submitted a $47-per-share proposal valuing Papa John’s at about $1.5 billion, according to multiple reports citing people familiar.
- Papa John’s is reviewing the offer and signaled no certainty of acceptance, leaving the door open for potential competing bids.
- The reported bid has backing from Brookfield Asset Management, and Irth recently lifted its effective stake in the company to roughly 10%.
- Shares jumped roughly 18%–20% after the news, with trading briefly halted for volatility before closing around $38.86 on Wednesday.
- The approach follows earlier, higher offers tied to Apollo that were withdrawn and comes as the chain executes a turnaround that includes closing about 300 U.S. restaurants by 2027, with activist Irenic also building a stake.