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Neon signs glow at dusk outside a Papa John’s International Inc. restaurant. In Louisville, Kentucky, US, on Friday, May 1, 2015. Papa John’s is expected to release its quarterly earnings results after US financial markets close on May 5.
Luc Charette | Bloomberg | Getty Images
shares Papa John’s fell 15% on Tuesday after a report that Apollo Global It withdrew its offer to make the pizza chain its own.
Reuters reported that the private equity firm backed out of its offer, worth $64 per share, about a week ago. The company previously made a bid to buy Papa John’s along with Irth Capital Management, according to Reuters.
Apollo and Papa John’s did not immediately respond to requests for comment.
Papa John’s is preparing to release its third-quarter earnings report on Thursday. The company’s shares are down nearly 30% in the past year.
The report comes as restaurants and other consumer-focused businesses report slowing sales amid rising inflation and costs.
last week, Chipotle The fast-food chain saw traffic decline 0.8%, marking the third straight quarter of declines and a pushback among consumers across all income brackets, executives said. Procter & Gamble It reported in October that its low-income clients were significantly cutting back on their spending.
The report follows another important development in the restaurant industry. Earlier on Tuesday, Yum brands She said she plans to review strategic options for Pizza Hut, after years of struggle for the pizza chain.
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