Why Papa John’s (PZZA) Is Still in Play After Fresh Take-Private Talks

Papa John’s International, Inc. (NASDAQ:PZZA) is one of the 12 Takeover Rumors Targeted by Short Sellers.

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.

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