Apollo Global Management and Irth Capital Management have approached Papa John’s International for a $2 billion deal that would take the pizza chain private, two people familiar with the matter said Wednesday.
The investment firms’ joint bid would value Papa John’s, the world’s third-largest pizza delivery company, just above $60 per share, said the people, who asked not to be identified because the deal is private.
Semafor reported Apollo and Irth’s bid for the company earlier on Wednesday.
Papa John’s declined to comment. Apollo and Irth did not immediately respond to requests for comment.
Shares soared more than 7% to $51.79.
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