Shares of pizza chain Papa John’s International jumped sharply after reports surfaced that a Qatari-backed investment firm is preparing a new takeover bid for the company. The surge came after news that Irth Capital Management had offered to take the company private, triggering strong investor interest and pushing the stock significantly higher in trading.
According to people familiar with the matter, Irth Capital has proposed acquiring the company for $47 per share, a price that represents roughly a 50% premium over the stock’s recent trading value. The proposed transaction would value Papa John’s at about $1.5 billion, a notable increase compared with the company’s market capitalization prior to the news.
Following the report, Papa John’s shares surged by nearly 18–20% during trading, reflecting optimism among investors about a possible buyout and expectations that private investment could help accelerate the company’s turnaround strategy.
Irth Capital is said to already hold around a 10% stake in the company, with part of that exposure tied to derivatives. The firm’s latest proposal is reportedly backed by Brookfield Asset Management, adding further financial strength to the potential deal.
Despite the market reaction, neither Papa John’s nor Irth Capital has publicly commented on the reported bid, and the company is said to be reviewing the proposal. It remains uncertain whether the discussions will ultimately lead to a formal acquisition agreement.
Renewed Interest Follows Earlier Acquisition Attempts
The latest takeover proposal comes after previous acquisition attempts involving the same investment group. In 2025, Irth Capital teamed up with private equity giant Apollo Global Management to explore a potential buyout of Papa John’s at more than $60 per share, but negotiations ultimately failed to result in a deal.
Apollo later made a separate offer to acquire the company for $64 per share, but withdrew the bid amid concerns about weakening financial performance and softening demand in the quick-service restaurant sector.
The renewed interest from Irth Capital suggests that investors still see long-term value in the brand despite its recent operational struggles. Founded in 1984 and headquartered in the United States, Papa John’s operates more than 6,000 restaurants across roughly 50 countries, making it one of the largest pizza chains globally.
Irth Capital itself is a relatively new investment firm, established in 2024 and backed by a member of Qatar’s royal family. A successful acquisition of Papa John’s would likely become one of the firm’s most prominent deals to date.
Operational Challenges Driving Strategic Interest
The potential buyout comes at a time when Papa John’s has been facing mounting challenges across its business. After a surge in delivery demand during the pandemic, the pizza industry has experienced slower growth as consumers become more cautious with spending and competition intensifies.
Financial results have reflected these pressures. In the fourth quarter of 2025, the company reported revenue of $498 million, representing a 6% year-over-year decline, while adjusted earnings fell to $0.34 per share, down from $0.63 a year earlier. Weak performance in the North American market has been a particular concern.
To address these issues, Papa John’s has begun implementing several cost-cutting and restructuring measures. The company has announced plans to close underperforming locations, streamline its menu offerings, and reduce corporate staffing as part of a broader effort to restore profitability. It is also targeting at least $60 million in supply-chain savings by 2028.
The company’s share price has reflected these struggles. Once trading above $130 in 2021, the stock had fallen to roughly $33 before the takeover report emerged, highlighting the scale of the company’s turnaround challenge.
For investors, the latest takeover speculation has revived hopes that private ownership could allow Papa John’s to restructure away from the pressures of public markets. However, analysts note that the situation remains fluid, and competing bidders could still emerge as discussions around the potential deal continue.
