Papa Johns reviews 1.5 billion dollar bid from Irth Capital

Papa Johns International is currently reviewing a new acquisition proposal from Irth Capital Management to take the United States-based pizza chain private. The deal, which values the company at approximately $1.5 billion, has led to a significant increase in market interest, with shares rising 18% following the announcement.

The offer from Irth Capital is set at $47 per share, representing a premium of about 44% over the company's last closing price. This fresh interest comes after a period of uncertainty regarding the chain's future ownership. Apollo Global Management, Inc. had previously withdrawn a solo bid of $64 per share in November, after having explored a joint offer with Irth earlier in the year that exceeded $60 per share.

The current proposal reportedly includes financial backing from Brookfield Corporation. Irth Capital, a firm established in 2024, is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw and is supported by a member of the royal family in Qatar. If successful, the acquisition of Papa Johns would represent one of the firm's first major transactions.

The pizza chain, which originated in Indiana in 1984 and went public in 1993, has been focused on a turnaround strategy to combat weak demand under multiple chief executives. While the board reviews the current $1.5 billion bid, industry analysts note that there is no certainty the offer will be accepted, and additional bidders could still emerge. Activist investor Irenic Capital Management has also recently built a stake in the company, further intensifying the spotlight on its potential sale.