Neon signs glow at dusk outside a Papa John’s International Inc. restaurant on Friday, May 1, 2015, in Louisville, Kentucky, USA. Papa John’s is scheduled to release its quarterly results after the U.S. financial market closes on May 5th.
Luke Charette Bloomberg | Getty Images
shares of papa john The stock fell 10% on Tuesday following the report. apollo global It has withdrawn a proposal to take the pizza chain private.
Reuters reported that the private equity firm withdrew its bid worth $64 per share about a week ago. The company previously submitted a takeover offer to Papa John’s along with Earth Capital Management, Reuters reported.
Apollo and Papa John’s did not respond to requests for comment.
Papa John’s is preparing to release its third-quarter earnings report on Thursday. The company’s stock price fell nearly 30% last year.
The report comes as restaurants and other consumer-focused businesses report weaker sales due to inflation and rising costs.
last week, chipotle pepper Executives said foot traffic at the fast-food chain fell 0.8%, the third straight quarter of decline, with consumers in all income groups pulling back. procter and gamble reported in October that low-income customers are significantly cutting back on spending.
This report tracks the development of another important deal in the restaurant space. early Tuesday morning, yum brand The company said it plans to review strategic options for Pizza Hut after years of struggles at the pizza chain.
