Papa John's International Inc shares are jumping on Wednesday after reports surfaced that a Qatari‑backed investment fund has made a bid to take the struggling pizza chain private. Here’s what you need to know.

Papa John’s International stock is surging to new heights today. What’s behind PZZA gains?

Qatari‑Backed Firm Makes Takeover Offer

Irth Capital Management — backed by Qatari investors and supported by Brookfield Asset Management — has submitted an offer to acquire Papa John's, the Wall Street Journal reported. The bid values the company at $47 per share, or roughly $1.5 billion, representing a premium of about 50% to the stock's trading levels Wednesday morning.

Papa John's had a market cap of around $1 billion as of Tuesday's close. The stock has been battered in recent years, falling far from its 2021 peak above $140, making the current valuation appealing for a buyer looking to take the company private and attempt a turnaround outside of the public spotlight.

Who Is Irth Capital Management?

Irth is a global investment firm founded in 2024 and backed by a member of the Qatari royal family. The firm is led by Sheikh Mohamed bin Abdulla Al‑Thani, formerly of the Qatar Investment Authority, and Matthew Bradshaw, founder of Durational Capital Management. The team also includes Mack Abbot, previously with activist hedge fund Starboard Value — the same firm that once waged a campaign at Papa John's.

Irth already owns a meaningful stake in Papa John's and recently increased its effective ownership to about 10%, according to the report.

Additionally, this isn't Irth's first attempt. The firm reportedly tried to buy Papa John's last year alongside Apollo Global Management before the talks ultimately collapsed.

The pizza category has become increasingly competitive, with Domino's pulling ahead while Papa John's and Pizza Hut lose share. Papa John's recently announced plans to close hundreds of U.S. stores, trim its menu and cut corporate jobs as it works to stabilize operations. The company expects North American same‑store sales to decline this year.

PZZA Shares Surge Wednesday

PZZA Price Action: Papa John’s shares were up 19.02% at $38.73 at the time of publication on Wednesday, according to Benzinga Pro.

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