According to the Reuters news agency, the Qatari-backed investment fund Irth Capital has this month made a $47-per-share offer to acquire pizza chain Papa John's International, marking a second takeover attempt after a previous joint bid with Apollo Global Management last year. The offer values the company at $1.5 billion, with Irth already owning approximately 10% of the company, including derivatives.

Irth Capital declined to comment on Al Jazeera's request, citing legal reasons. Sources indicated there is no certainty that Papa John's will accept the offer under review, and another bidder could emerge. Following the report of the bid, Papa John's stock price surged nearly 20%, closing at $38.86.

In November last year, private equity giant Apollo Global withdrew its offer to take the pizza chain private for $64 per share. Subsequently, activist investor Irenic Capital Management built a stake in Papa John's, adding to mounting speculation about the chain's future. Irth is no longer working with Apollo, and its proposal includes backing from Brookfield Asset Management.

Irth, established in 2024 and backed by a member of the Qatari royal family, is led by co-founders Sheikh Mohamed bin Abdulla Al Thani and Matthew Bradshaw. A deal for Papa John's would be among its first major transactions. Papa John's was founded in 1984 in Indiana and went public in 1993, attempting a turnaround strategy after years of battling weak demand under multiple CEOs.

Source: www.aljazeera.com