(Reuters) – Nelson Peltz’ Trian Fund Management LP is evaluating a takeover bid for Papa John’s International Inc (PZZA.O), the Wall Street Journal reported on Monday, citing people familiar with the matter.
FILE PHOTO: The Papa John’s store in Westminster, Colorado, U.S. August 1, 2017. REUTERS/Rick Wilking/File Photo
The activist hedge fund recently contacted the pizza chain to collect information as it explores a possible bid, according to the report.
The world’s third-largest pizza delivery company had reached out to potential acquirers for offers, Reuters reported last month.
Shares of the company were up 12.6 percent in extended trading.
Papa John’s has come under pressure from founder John Schnatter, who resigned as chairman in July following reports that he used a racial slur on a media training conference call. Since then, Schnatter has been seeking ways to regain control.
Papa John’s and Trian Fund declined to comment on the report.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Cynthia Osterman