Papa John’s spikes following report of a $47-per-share take-private offer from Qatari investment fund Irth Capital
A few weeks after announcing it would close 300 stores by the end of next year, Papa John’s is drawing fresh take-private interest from Irth Capital, an investment fund backed by a member of the Qatari royal family.
Papa John’s shares were up 19% on Wednesday afternoon, on pace for their best day since February 2025.
According to The Wall Street Journal, Irth is offering $47 per share for PZZA, valuing the company at about $1.5 billion. The fund currently holds a roughly 10% stake in Papa John’s, per the report.
Irth has tried to take Papa John’s private before, offering $60 per share in a joint bid with Apollo Global in June of last year. In October, Apollo Global again offered to take the company private at $64 per share. That offer was later withdrawn.
Broadly, the pizza category is being increasingly dominated by Domino’s, which opened 700 stores globally last year and has a market cap 9x greater than Irth’s latest reported offer for Papa John’s.
According to The Wall Street Journal, Irth is offering $47 per share for PZZA, valuing the company at about $1.5 billion. The fund currently holds a roughly 10% stake in Papa John’s, per the report.
Irth has tried to take Papa John’s private before, offering $60 per share in a joint bid with Apollo Global in June of last year. In October, Apollo Global again offered to take the company private at $64 per share. That offer was later withdrawn.
Broadly, the pizza category is being increasingly dominated by Domino’s, which opened 700 stores globally last year and has a market cap 9x greater than Irth’s latest reported offer for Papa John’s.
