In this article, we will list the 5 Takeover Rumors Targeted By Short Sellers. Please visit 12 Takeover Rumors Targeted By Short Sellers if you’d like to see an extended list and our methodology.

5. Papa John’s International, Inc. (NASDAQ:PZZA)

Short Percentage of Float: 12.62%

Papa John’s International, Inc. (NASDAQ:PZZA) is one of the takeover rumors targeted by short sellers.

On April 15, 2026, Papa John’s shares jumped about 5.7% after Reuters reported that the pizza chain was in advanced discussions with Qatari-backed Irth Capital on a potential take-private deal. According to the report, Irth had been conducting due diligence for about a month, and some investors believed a deal could be reached before Papa John’s scheduled May 7 earnings report, though no agreement was guaranteed.

That update built on an earlier March 11 report that Irth had offered about $47 per share, valuing Papa John’s at roughly $1.5 billion. Reuters said the bid followed an earlier 2025 approach in which Apollo Global Management and Irth had offered more than $60 per share before that effort fell apart. Papa John’s stock surged nearly 20% on the March 11 report, showing how quickly takeover chatter could reprice a battered consumer brand.

The interest landed against a soft operating backdrop. In its February 26, 2026, results, Papa John’s said fourth-quarter North America comparable sales fell 5%, while full-year adjusted EBITDA came in at $201.1 million, down from $227 million a year earlier. That does not guarantee a deal, but it helps explain why a recognizable brand with weaker recent momentum could look more attractive to financial buyers than to public-market investors.

Papa John’s International, Inc. (NASDAQ:PZZA) operates and franchises pizza restaurants across domestic and international markets.

4. Brown-Forman Corporation (NYSE:BF.B)

Short Percentage of Float: 15%

Brown-Forman Corporation (NYSE:BF.B) is one of the takeover rumors targeted by short sellers. The latest development came on April 16, when Pernod Ricard CFO Helene de Tissot said talks with Brown-Forman were still “ongoing,” just a day after Reuters reported that Sazerac had offered about $15 billion, or $32 per share, for the Jack Daniel’s maker.

That keeps Brown-Forman in genuinely active deal territory rather than loose market chatter. It also leaves the company caught between two different transaction paths: Sazerac’s more traditional bid and a possible Pernod combination that Reuters said could involve a significant stock component, potentially allowing the Brown family to keep some influence over the business.

The market still looks cautious about how cleanly any deal could happen. Reuters said Brown-Forman shares closed at $29.57 on April 15, below Sazerac’s indicated offer price, suggesting investors were still weighing hurdles, including the Brown family’s controlling stake. Reuters had also reported on March 26 that Brown-Forman and Pernod were in discussions about a possible merger and said a tie-up could bring significant operational synergies at a time when spirits companies are dealing with softer demand and tariff pressure.

Brown-Forman Corporation (NYSE:BF.B) is a global spirits company whose portfolio includes the Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, el Jimador, Herradura, Diplomático Rum, Chambord, and Gin Mare.

3. BILL Holdings, Inc. (NYSE:BILL)

Short Percentage of Float: 15.02%

BILL Holdings, Inc. (NYSE:BILL) is one of the takeover rumors targeted by short sellers.

On April 13, 2026, Goldman Sachs maintained a Buy rating on BILL Holdings and cut its price target to $44 from $52.

Even after that cut, overall analyst sentiment remains fairly supportive rather than broken. BILL has a Moderate Buy consensus from 22 analysts, made up of 13 Buy ratings, 8 Holds, and 1 Sell, while the average 12-month price target stands at $54.43. The target range is wide, from $20 to $85, which tells you the Street agrees more on the company being controversial than on exactly how much it is worth. Against the current share price of about $40.31, the average target implies roughly 35% upside.

Analysts still see upside in the stock, but the bigger reason BILL stays interesting is that takeover speculation has been hanging over the name for months.

On November 12, 2025, Reuters reported that BILL was exploring a sale after concluding its shares were undervalued, amid pressure from activist investors including Starboard Value and Elliott, and the stock jumped 14% in after-hours trading on that report.

BILL Holdings, Inc. (NYSE:BILL) provides software and payments tools that help businesses automate accounts payable, accounts receivable, spend and expense management, and related financial workflows.

2. JetBlue Airways Corporation (NASDAQ:JBLU)

Short Percentage of Float: 18.40%

JetBlue Airways Corporation (NASDAQ:JBLU) is one of the takeover rumors targeted by short sellers.

The freshest jolt to the story came on April 17, when founder David Neeleman warned that JetBlue could face bankruptcy if it did not materially improve its position. That sounds like pure bad news on its face, but in a consolidation-heavy industry, it also sharpens the question of whether a weakened JetBlue could eventually become somebody else’s opportunity.

That is the angle industry coverage has been leaning into. FlightGlobal wrote in late March that there was no deal for JetBlue “to seize on” at the time, but argued the carrier had become a more conceivable takeover candidate after the collapse of its Spirit Airlines ambitions, its diminished position, and a potentially friendlier merger climate. The same analysis pointed to United Airlines and American Airlines as the most obvious strategic fits, while acknowledging the antitrust baggage those pairings would carry.

The operating backdrop explains why the chatter exists at all. JetBlue reported fourth-quarter revenue of $2.3 billion, down 3.5% year over year, and a net loss of $69 million, while saying its JetForward plan and aircraft-delivery deferrals are meant to strengthen the balance sheet and improve earnings over time.

JetBlue Airways Corporation (NASDAQ:JBLU) is a low-cost airline headquartered in Long Island City, New York.

1. Tripadvisor, Inc. (NASDAQ:TRIP)

Short Percentage of Float: 27.77%

Tripadvisor, Inc. (NASDAQ:TRIP) is one of the takeover rumors targeted by short sellers.

On March 23, 2026, Tripadvisor announced a cooperation agreement with activist investor Starboard Value that immediately added two independent directors to the board and will add two more at the 2026 annual meeting. The company said the agreement followed discussions with Starboard and included customary standstill and voting provisions.

The board deal came after Reuters reported on February 17, 2026, that Starboard was pressing Tripadvisor to consider a sale of the entire company, while also pushing for a faster review of strategic options for restaurant-booking unit TheFork. Reuters also said analysts viewed the activist campaign as something that could increase the odds of asset sales, including Viator.

That sequence mattered because it turned takeover talk into a live governance issue. Starboard was not merely criticizing performance from the outside. By late March, it had secured board representation, giving it a direct channel to influence strategic decisions if management and the board pursue a broader review.

Tripadvisor, Inc. (NASDAQ:TRIP) operates online travel brands including Tripadvisor, Viator, and TheFork.

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