Papa John’s jumps on Apollo’s fresh take-private bid at $64 per share

Papa John’s is up more than 10% in premarket trading on Wednesday, following reports that Apollo Global Management submitted a renewed bid last week to take the chain private at $64 per share.

Before Apollo’s fresh offer was first reported by StreetInsider on Monday and confirmed by sources cited by Reuters yesterday, the stock was hovering at just under $42 per share.

Still, “the situation is fluid and no deal is guaranteed,” according to people familiar with the matter, Reuters reported.

Apollo’s latest bid is a jump from the joint offer it reportedly made with Irth Capital Management for the pizza chain in June, then said to be worth a little above $60 per share. If a deal materializes, Papa John’s would be the latest restaurant chain to be picked up by a private equity firm, following in the footsteps of Subway, Dave’s Hot Chicken, and Jersey Mike’s.

Multiple other activists are still looking to take over Papa John’s, per Reuters’ sources.