Summary
A Qatari-backed investment fund named Irth Capital has made a $47-per-share bid to buy the pizza company Papa John’s, valuing it at $1.5 billion. This offer follows a previous joint bid with Apollo Global Management, but now Irth is acting alone. The proposal is under review, and it is not certain if Papa John’s will accept it.
Key Facts
- Irth Capital, backed by Qatar, offered $47 per share for Papa John’s.
- The bid values Papa John’s at $1.5 billion.
- Irth Capital already owns about 10% of Papa John’s, partly in derivatives.
- There is no guarantee Papa John’s will accept the offer, as talks are private.
- Papa John’s stock rose nearly 20% after the bid was reported.
- Apollo Global Management previously made a higher offer of $64 per share but withdrew.
- Irth Capital's proposal now includes support from Brookfield Asset Management.
- Irth is led by Sheikh Mohamed bin Abdulla Al Thani and Matthew Bradshaw, and was established in 2024.
