Papa John's Shares Jump on Franchisee Backing Irth Bid

Papa John's International shares rose 4.9% in pre‑market after its largest U.S. franchisee, Nadeem Bajwa, backs Irth Capital’s buyout.
Irth Capital’s $47‑per‑share offer, backed by Brookfield, represents a 44% premium to the prior close of $32.72.
Bajwa’s Bajco Group operates ~300 locations (~10% of U.S. stores) and will make a “significant investment” in the privatization.
Papa John's shares are down nearly 15% YTD after a Q1 earnings miss and weaker North American sales.