Stock Track | Papa John's Soars 7% in Post-Market on Franchisee-Backed Buyout Bid

Stock Track05-15 08:13

Papa John's International Inc. (PZZA) stock surged 7.00% in post-market trading on Thursday, following reports that the company's largest U.S. franchisee has joined a bid to take the pizza chain private.

Investment firm Irth Capital is working with Nadeem Bajwa, who operates nearly 300 Papa John's locations representing about 10% of its domestic restaurants, on a buyout offer, according to sources. Bajwa's involvement as a franchisee adds significant credibility to the bid, which is seen as unusual and potentially accelerating the take-private process that has been under discussion for about a year.

Irth's offer stands at $47 per share, representing a substantial 44% premium to Thursday's closing price. The collaboration between a major operator and a financial bidder is viewed by analysts as a strong signal that could provide a clear path forward for the company amidst a challenging environment for restaurant stocks.

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