Latest news with #IrthCapital
Yahoo
a day ago
- Business
- Yahoo
Papa John's stock rises after reported takeover bid from Apollo, Qatari fund
-- Papa John's (NASDAQ:PZZA) stock rose 6% after a report that Apollo Global Management (NYSE:APO) and a Qatari investment fund have made a bid to take the pizza chain private. The consortium's offer would value Papa John's at around $2 billion, according to a Semafor report citing people familiar with the matter. The bid, reportedly in the low $60s per share, represents a significant premium to the company's current stock price of around $48. The unusual partnership pairs Apollo, one of Wall Street's largest investment firms, with Irth Capital, a smaller fund backed by Sheikh Mohamed al Thani of the Qatari royal family. Irth Capital, which managed just $190 million as of December 31, brings a 5% existing stake in Papa John's to the table. Irth Capital has experience with consumer brand turnarounds, with its cofounders previously acquiring mattress maker Casper in 2021 and fried-chicken chain Bojangles in 2017. However, sources indicated that Irth still needs to finalize its financing arrangements, and Apollo might potentially proceed with the acquisition independently. Related articles Papa John's stock rises after reported takeover bid from Apollo, Qatari fund Morgan Stanley says the new 'bull case' for stocks is emerging FTSE 100 today: Index opens flat as U.K. GDP falls; Pound above $1.35; Tesco gains
Bloomberg
2 days ago
- Business
- Bloomberg
Papa John's Surges After Report of Private Equity Interest
Papa John's International Inc. shares jumped the most in a month after a report that Apollo Global Management Inc. and a Qatari investment fund, Irth Capital, have made an offer that would take the pizza chain private. Papa John's stock rose 7.4% in Wednesday trading in New York, the most since May 8. The stock had run up 17% for the year through Wednesday's close, compared with a S&P Small Cap 600 Index decline for the period.
