Largest Papa Johns Franchisee Joins Irth in Buyout Bid
Nadeem Bajwa and investment firm Irth Capital are collaborating on a forty-seven dollar per share offer to take Papa Johns private. The proposal represents a forty-four percent premium and aims to stabilize the chain amid rising costs and soft demand.
PAPA JOHN'S INTL INC is in discussions with Irth Capital and its largest franchisee, Nadeem Bajwa, on a potential buyout at $47 per share. The offer represents a 44% premium to the closing price of $32.72 on Thursday evening. A deal would take the pizza chain private as it struggles with falling North American sales and inflation.
Nadeem Bajwa, who operates nearly 300 locations in the United States, is joining the bid, people familiar with the matter said. Bajwa controls 10% of the domestic restaurant footprint. The board and management were informed of his intentions on Thursday evening.
