Papa John's International Inc (NASDAQ:PZZA)'s shares jumped almost 9% after Apollo Global Management submitted a new, higher offer to acquire the pizza chain.
Apollo Global has offered $64 per share in an all-cash deal to take Papa John’s private.
This marks an increase from a previous joint bid with Irth Capital Management in June 2025 of just over $60 per share.
The latest offer values the company at roughly $2 billion, above its current market capitalization of about $1.6 billion.
Negotiations remain ongoing, with no agreement yet finalized, and other activist investors have reportedly expressed interest in the company.
Apollo Global, alongside the Qatari-backed Irth Capital, has been pursuing the acquisition as part of a broader strategy to expand its footprint in the quick-service restaurant sector.
Papa John's, which operates more than 6,000 restaurants globally, has faced some financial challenges in recent quarters, including a decline in profitability. However, its international expansion efforts and investments in digital tools have been highlighted as potential drivers of growth.
Shares of Papa John’s are up almost 30% in the year to date, reflecting investor optimism about the chain’s prospects.