LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Papa John's asks potential acquirers to submit offers: sources

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Sep 26, 2018
11:29 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Papa John`s International Inc, the world`s third-largest pizza delivery company, has reached out to potential acquirers to ask them to submit offers, people familiar with the matter said on Wednesday.

Papa John`s shares jumped 10 percent to $50.79 on the news, giving the company a market capitalization of more than $1.6 billion.

Papa John`s is seeking to fend off efforts by founder John Schnatter to regain control of the company of which he owns about 30 percent. He resigned as chairman in July following reports that he had used a racial slur on a media training conference call.

Papa John`s sent out information about an auction to sell itself to other companies and private equity firms this week, and expects to receive first-round bids by the end of October, the sources said. There is no certainty of a sale, and Papa John`s could also explore an alternative deal, such as receiving an investment, one of the sources added.

The sources asked not to be identified because the matter was confidential. Papa John`s declined to comment. Reuters first reported last month that the company had hired Bank of America Corp and Lazard Ltd to prepare for a sale.

It was not clear whether Schnatter himself can find a partner or muster the resources to participate in the auction. CNBC reported earlier that several private equity firms had turned Schnatter down as he explored a potential bid. Papa John`s has adopted a so-called poison pill defense to discourage a hostile takeover.

Last month, Papa John’s posted a second-quarter comparable sales decline of 6.1 percent and cut its sales forecast, citing fallout from the company’s split with Schnatter. Negative publicity surrounding Schnatter depressed July traffic in North America, the company said at the time, noting that it was hard to predict how long and how badly that would affect sales. Papa John’s has more than 5,000 locations worldwide, mostly franchised restaurants.

Papa John’s Chief Executive Officer Steve Ritchie has vowed to move beyond the fight with Schnatter with a new advertising and marketing campaign, while also removing Schnatter’s image from company promotions. Two franchisee associations working with the company have expressed support for its strategy.

Ritchie, previously Papa John’s president, took over as CEO in January after Schnatter came under fire in November for criticizing the National Football League’s leadership over national anthem protests by players.

Dealmaking in the restaurant sector is heating up. Arby`s-owner Inspire Brands Inc said on Tuesday it would buy Sonic Corp for about $1.57 billion in cash, adding more than 3,600 drive-in restaurants to its portfolio that includes brands such as Buffalo Wild Wings and Rusty Taco.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Facebook removes 1,521 malicious accounts in Feb

West Bengal Elections: PM Narendra Modi launches blistering attack on Mamata Banerjee - Top quotes

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved