Qatari-backed fund offers $1.5bn for pizza giant Papa John’s: Report
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.
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