The Wall Street Journal: Hedge fund Trian mulls bid to buy Papa John’s

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Trian Fund Management LP is evaluating a takeover bid for Papa John’s International Inc., people familiar with the matter said.

The activist hedge fund recently contacted the pizza chain to collect information as it explores a possible bid, the people said. Trian is one of several parties to express interest since Papa John’s put itself up for sale amid an acrimonious fight with its founder, John Schnatter, who remains on the board and owns nearly 30% of the company’s shares.

There is no guarantee that Trian will make an offer or that Papa John’s will ultimately be sold. There are several other potential bidders, some people familiar with the situation added, including companies and private-equity firms.

Papa John’s
PZZA, +0.14%
  is the world’s third-largest pizza delivery chain after Domino’s Pizza Inc. and Yum Brands Inc.’s Pizza Hut. The Louisville, Ky., company that Schnatter founded in 1984 has more than 5,000 locations in 45 countries. Papa John’s shares shot up 12% after hours.

An expanded version of this report appears on WSJ.com.

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