Overview
- Apollo withdrew the offer about a week ago, according to two people familiar with the deal who requested anonymity.
- Earlier this year Apollo and Irth Capital floated a joint bid just above $60 per share before Apollo submitted a solo proposal in early October, Reuters previously reported.
- Neither Apollo nor Papa John’s has commented on the latest development.
- Papa John’s reports third-quarter results Thursday, with Zacks data showing EPS estimates trimmed 1.77% over the past month and consensus at 40 cents on $525.88 million in revenue.
- Second-quarter results showed sales up 4% to $529.2 million but net income down nearly 23% to $9.7 million, and BTIG analysts have questioned the company’s turnaround progress.