INTERNATIONAL | Staff Reporter, UK

Papa John's seeking investment after abandoning outright sale: report

Any forthcoming deal would come amidst a battle of control with the chain's embattled founder.

Reuters reports that Papa John’s International is pursuing the sale of a stake in itself after acquisition offers from private equity firms did not meet its valuation expectations.

Sources told the news agency that the transaction, which could possibly be structured as a private investment in public equity, would boost Papa John’s finances as it seeks to recover from low franchisee profitability.

Any such deal would come amid a battle for control of Papa John’s with the chain’s founder John Schnatter, who owns about 30% percent of the company. Schnatter, whilst retaining a seat in the company's board, stepped down as chairman last July following reports that he had used a racial slur on a media training conference call.

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