Papa John’s International Inc (NASDAQ:PZZA) shares are rising in extended trading on Tuesday following reports that Apollo Global Management has submitted a new takeover bid.
• PZZA shares are climbing after hours. Check the share price here.
What To Know: Apollo sent Papa John’s a fresh offer last week to take the pizza chain private at $64 per share, according to Reuters.
People familiar with the matter reportedly said there are a lot of moving parts and a deal is not guaranteed to happen. The report also indicates that multiple activist investors are interested in Papa John’s.
Several media outlets reported in June that Apollo Global Management and Irth Capital had submitted a joint offer for Papa John’s, valuing the company at approximately $2 billion. Papa John’s had a market capitalization of approximately $1.49 billion as of Tuesday’s close.
PZZA Price Action: Papa John’s shares were up 12.57% in after-hours, trading at $54.80 at the time of publication on Tuesday, according to Benzinga Pro.
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