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.
