Global alternative asset management firm Apollo Global has withdrawn its proposal to take Papa John’s private at $64 per share. Reuters reported, citing sources.
According to those sources, the company abandoned the offering at the end of October 2025, amid signs of weakening consumer spending and initial tensions in the quick-service restaurant (QSR) sector.
The sources spoke on condition of anonymity because the discussions were private.
Requests for comment sent to Apollo and Papa John’s were not immediately returned.
In early 2025, Apollo and Irth Capital Management had submitted a joint offer of just over $60 per share. Apollo subsequently submitted a solo bid in early October.
At the time, the news agency reported that many activist investors were interested in the pizza company.
Papa John’s will report its third quarter results on November 6.
In the second quarter of 2025, the company reported sales of $529.2 million, up 4% from the same quarter last year.
However, net income fell almost 23% year-over-year to $9.7 million.
Performance was affected by higher general and administrative expenses from investments in marketing and loyalty programs. An increase in management incentive compensation, as well as higher food and labor costs at company-owned restaurants, also affected performance.
Jointly headquartered in Atlanta, Georgia and Louisville, Kentucky, Papa John’s operates nearly 6,000 restaurants in approximately 50 countries and territories.
“Apollo Backs Off Papa John’s Acquisition Proposal” was created and originally published by Verdict Food Service, a brand owned by GlobalData.
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