Papa John’s International is reviewing a new takeover proposal from Qatari-backed investment firm Irth Capital Management, which has offered to acquire the U.S. pizza chain and take it private in a deal valued at around $1.5 billion.
According to multiple reports, Irth Capital has proposed $47 per share, representing roughly a 44–50 percent premium to the company’s recent trading price. News of the bid pushed Papa John’s shares sharply higher, with the stock rising close to 20 percent after the offer became public.
Irth Capital already holds about 10 percent of Papa John’s, with part of the stake held through derivatives. The firm’s latest proposal reportedly includes financial backing from Brookfield Asset Management.
The bid marks Irth’s second attempt to acquire the pizza chain. The fund had previously pursued a deal alongside Apollo Global Management in 2025, but that effort did not result in a transaction.
Founded in 2024 by Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw, Irth Capital is backed by investors linked to Qatar and is seeking to expand its portfolio through major consumer-brand acquisitions.
Papa John’s is currently reviewing the proposal, and there is no guarantee a deal will be reached, with the possibility that additional bidders could emerge.
The takeover interest comes as the pizza chain works to revive growth after slowing sales and increased competition in the quick-service pizza segment.
If completed, the transaction would take one of the world’s largest pizza brands private and could reshape its strategy as it seeks to strengthen its global restaurant network.
