FILE PHOTO – The Papa John’s store in Westminster, Colorado, U.S. August 1, 2017. REUTERS/Rick Wilking
(Reuters) – Starboard Value LP will make a $200 million investment in Papa John’s International Inc and the activist hedge fund’s Chief Executive Officer will become the chairman of the pizza chain the Wall Street Journal reported on Monday, citing people familiar with matter.
Reuters reported on Friday that Papa John’s was seeking to sell a stake in itself after outright acquisition offers from private equity firms did not meet its valuation expectations.
Shares of Papa John’s were up 9 percent before the bell.
Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli