Apollo Global Management has submitted a new bid within the past week to acquire Papa John’s International, offering $64 per share for the pizza chain, according to a report by Reuters citing unnamed sources familiar with the matter.
The latest approach follows a joint offer earlier this year with Irth Capital Management at just above $60 per share.
The situation remains fluid, and no deal is guaranteed, with multiple private equity and activist investors reportedly eyeing the company. Papa John’s, founded in 1984 and co-headquartered in Atlanta and Louisville, operates close to 6,000 restaurants across around 50 countries and territories. The firm has a current market valuation of approximately $1.6bn.
In its second quarter ending 29 June, Papa John’s saw sales rise 4% to $529.2m, while profits fell nearly 23% to $9.7m.
If Apollo’s bid proceeds, Papa John’s would become the latest fast food chain to be acquired by a private equity firm following Subway, Dave’s Hot Chicken, and Jersey Mike’s.
