Irenic Capital picks stake in Papa John’s

Hedge money manager Irenic Capital Management has accumulated a involvement successful Papa John’s during the 3rd 4th (Q3) of 2025, arsenic reported by Reuters.

The size of Irenic’s holding was not disclosed.

While caller stakes by activistic hedge funds often foreshadow efforts to propulsion absorption towards strategical alternatives, it remains unclear what circumstantial changes, if any, Irenic plans to prosecute astatine the pizza chain.

Irenic declined to talk connected the matter, and Papa John’s did not respond to enquiries.

Holdings are typically disclosed publically erstwhile money managers record Form 13F with the US Securities and Exchange Commission, which lists ownership successful US-listed companies for the applicable quarter.

Several suitors had been eyeing Papa John’s for months.

In June 2025, Apollo and Irth Capital Management enactment guardant a associated connection of conscionable implicit $60 per stock for Papa John’s.

Apollo tabled a solo connection of $64 per stock successful October to instrumentality the pizza concatenation private, but withdrew the connection successful aboriginal November.

These moves travel arsenic US consumers standard backmost spending astatine fast-food chains.

Papa John’s CEO Todd Penegor stated connected aboriginal November's quarterly telephone that, with nary buyout connection outstanding, the committee would reappraisal immoderate proposals portion continuing to prosecute the company’s existing strategy.

Irenic was established by Adam Katz, formerly of Elliott Investment Management, and Andy Dodge, formerly of Indaba Capital Management.

The institution has been progressive successful transactions specified arsenic take-privates and activistic engagements astatine Arconic, Barnes and Couchbase, and has engaged with News Corp and Theravance Biopharma.

"Irenic Capital picks involvement successful Papa John’s" was primitively created and published by Verdict Food Service, a GlobalData owned brand.

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