Papa John’s Stock Tumbles on Report That Apollo Won’t Take Pizza Chain Private

(Joe Raedle/Getty Images)

Papa John’s International shares sank nearly 20% on Tuesday following a report that private-equity firm Apollo Global Management has withdrawn its offer to take the pizza chain private.

The stock surged last month after Reuters reported that Apollo submitted an offer to take Papa John’s private at $64 a share, citing people familiar with the situation. The report noted that a deal wasn’t certain.

One month later, Apollo has backtracked on its bid over concerns of weaker consumer spending on fast-food restaurants, Reuters reported, also citing people familiar with the deal.

Apollo and Papa John’s didn’t immediately respond to Barron’s requests for comment.

Papa John’s stock is down nearly 30% over the past 12 months. The pizza chain is scheduled to release third-quarter earnings on Thursday.

Write to Evie Liu at evie.liu@barrons.com