Papa John's International Inc (NASDAQ:PZZA) shares gained 5% to $43.05 on Monday following a report that the pizza maker is in advanced discussions with TriArtisan Capital to be taken private at $65 per share, according to ABC Money UK, which cited people familiar with the talks.
The potential acquisition price would value Papa John's at $2.7 billion.
Last week, TriArtisan was part of an investor group that announced it would take Denny's Corp private for $6.25 per share in cash.
TriArtisan has also invested in other US restaurant chains, including P.F. Chang’s and Hooters.
On Tuesday, Reuters reported that Apollo Global withdrew a $64 per share takeover offer for Papa John's.