Papa John’s stock rises after activist investor Irenic builds stake

Investing.com -- Papa John’s (NASDAQ:PZZA) stock rose 2.5% Friday after Reuters reported that activist investor Irenic Capital Management built a stake in the pizza chain during the third quarter, potentially adding pressure for strategic changes.

The size of Irenic’s position remains unknown, and it’s unclear what specific changes, if any, the activist fund will seek at Papa John’s. The investment could become public when Irenic files its required 13F disclosure with the Securities and Exchange Commission.

This development comes amid ongoing speculation about Papa John’s future. Earlier this month, Apollo Global reportedly withdrew an offer to take the company private at $64 per share, causing the stock to tumble.

The pizza chain has been the subject of takeover speculation for months, though potential buyers may have been deterred by weakening consumer spending in the quick-service restaurant sector. The stock experienced volatility this week after a false report about a new acquisition bid was published and subsequently debunked.

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