Papa John’s Soars on Apollo’s Renewed Buyout Offer

Papa John’s International (NASDAQ: PZZA) jumped 8.26% to $52.70 in premarket trading Wednesday after reports that Apollo Global Management (NYSE: APO) made a fresh bid to take the pizza chain private at $64 per share.

The report, first surfaced by StreetInsider and later confirmed by Reuters, said Apollo submitted the renewed offer last week. Prior to the news, Papa John’s shares were trading below $42, meaning the new bid represents a ~50% premium.

“The situation is fluid and no deal is guaranteed,” sources familiar with the matter told Reuters.

Rising Private Equity Interest in Restaurant Chains

Apollo’s new proposal builds on a joint offer made with Irth Capital Management in June, then valued slightly above $60 per share.

If finalized, the transaction would mark another major restaurant chain taken private by private equity, following similar moves involving Subway, Dave’s Hot Chicken, and Jersey Mike’s.

Activist Pressure Remains High

Multiple activist investors are reportedly still circling Papa John’s, keeping competitive pressure on the company’s board.

Analysts say the latest offer reflects renewed optimism in the restaurant and casual dining sector, where improving consumer sentiment and margin recovery are driving new buyout opportunities.