Papa John's Gains on CNBC Report Founder Reached Out to PE Firms
(Bloomberg) -- Papa John’s founder John Schnatter is said to reach out to private equity firms to discuss partnering for a buyout of the pizza chain, CNBC said, citing people familiar. Papa John’s up as much as 6.9 percent, its biggest intraday gain since early August.
- Schnatter reached out to several PE firms in recent weeks to discuss making a bid for the company
- Several PE firms are said to have turned him down due to potential reputational risks from partnering with him; some PE firms interested in buying Papa John’s don’t see working with the former CEO as the best path forward
- Schnatter wasn’t immediately available to comment to CNBC; Papa John’s declined to comment
- NOTE: Aug. 24, Papa John’s Jumps on Report It Hired Bank of America, Lazard
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