Stock Track | Papa John's Soars 7.73% in After-Hours on News of Franchisee-Backed Buyout Bid

Stock Track05-15 04:33

Papa John's International Inc. (PZZA) experienced a significant after-hours surge of 7.73% following the release of news regarding a potential take-private transaction.

The stock movement in the extended session came after reports emerged that the company's largest U.S. franchisee, Nadeem Bajwa, is joining investment firm Irth Capital in its bid to acquire Papa John's. Bajwa's company controls approximately 10% of the pizza chain's domestic restaurants, and his involvement adds significant credibility to the buyout offer.

Irth Capital's offer stands at $47 per share, representing a substantial 44% premium to Thursday's closing price of $32.72. The collaboration between a major franchisee and a bidder is considered unusual in such transactions and is viewed by industry analysts as potentially accelerating the take-private process, which has been under discussion for approximately a year.

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