NewsCovering Kentucky


New York Hedge Fund Considering Papa John’s Takeover

Posted at 5:06 AM, Oct 09, 2018
and last updated 2018-10-09 07:51:31-04

LOUISVILLE, Ky. (LEX 18)– Trian Fund Management, a hedge fund out of New York, is considering a takeover bid for Papa John’s, according to a report from the Wall Street Journal.

Shares of Papa John’s rose as much as 16 percent in after-hours trading Monday following the news.

Papa John’s has been exploring a sale after founder John Schnatter’s racial comments during a conference call in May.

Schnatter stepped down as chairman, but remains on the company board, and holds a nearly 30 percent stake.

Representatives for both Papa John’s and Schnatter declined to comment.