Papa John’s International is considering a fresh bid from Irth Capital Management that would take the pizza chain private at an implied enterprise value of about $1.5 billion. The proposal, described to people familiar with the situation, would price the shares at $47 each and produced a sharp stock-market reaction, with Papa John’s shares rising roughly 18% in afternoon trading after the news became public.
The $47 per-share figure represents a premium of approximately 44% to the company’s last closing price. Based on market data compiled by LSEG, Papa John’s currently has a market capitalization near $1.07 billion.
According to the reporting, the Irth proposal includes financial backing from Brookfield Asset Management. Irth Capital Management, which was established in 2024, is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw and is known to be backed by a member of the Qatari royal family.
There is no certainty that the board of Papa John’s will accept Irth’s offer, and the review process could produce different outcomes. The company previously attracted interest from other private-equity players. Last year, Apollo Global and Irth jointly submitted an offer at just above $60 per share before Apollo later pursued a separate bid. Apollo withdrew a later $64-per-share offer, and subsequent developments included activist investor Irenic Capital Management building a stake in the pizza chain, intensifying speculation about the company’s strategic direction.
If completed, a take-private transaction would be one of the first major deals involving Irth Capital. Papa John’s, which began operations in Jeffersonville, Indiana, in 1984 and listed publicly in 1993, has been executing a turnaround strategy after a period marked by weak demand under multiple chief executives.
The current offer under review reflects ongoing interest in the company from both private-equity sponsors and activist investors. Market participants should note that another bidder could emerge during the review, and the board’s decision remains uncertain.
Contextual note - The facts above reflect the available information in the proposal under review and the reported market reaction. No final agreement has been announced.