Shares of Papa John\u2019s<\/strong> tumbled 10% on Tuesday after Apollo Global<\/strong> reportedly withdrew its offer to take the pizza chain private. The private equity firm, alongside Irth Capital Management<\/strong>, had previously submitted a bid valued at $64 per share<\/strong>, but backed away from the proposal about a week ago, according to Reuters<\/em>.<\/p>\n\n\n\n Neither Apollo nor Papa John\u2019s has publicly commented on the report. The move comes just days before the company is scheduled to release its third-quarter earnings<\/strong> on Thursday.<\/p>\n\n\n\n Papa John\u2019s stock has fallen nearly 30% over the past year<\/strong>, and Tuesday\u2019s decline adds further pressure. The broader restaurant and consumer sectors have also seen weaker demand, with inflation and rising costs<\/strong> impacting consumer spending patterns.<\/p>\n\n\n\n Chipotle recently reported a 0.8% drop in customer traffic<\/strong> during its third quarter, the third straight quarter of declines. Similarly, Procter & Gamble<\/strong> noted in October that lower-income consumers are cutting back significantly on discretionary purchases.<\/p>\n\n\n\n The news of Apollo\u2019s withdrawn offer comes on the same day Yum Brands<\/strong> announced it is reviewing strategic options for Pizza Hut<\/strong>, following prolonged struggles in the highly competitive pizza segment.<\/p>\n\n\n\n This development adds to a string of deal-related headlines in the food service industry, as chains adapt to changing consumer behaviors and economic pressures.<\/p>\n\n\n\n With Q3 results looming, all eyes are on whether Papa John\u2019s can reassure investors and show signs of recovery amid sector-wide headwinds.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Apollo Global pulls $64-per-share takeover offer Shares of Papa John\u2019s tumbled 10% on Tuesday after Apollo Global reportedly withdrew its offer to take the pizza chain private. The private equity firm, alongside Irth Capital Management, had previously submitted a bid valued at $64 per share, but backed away from the proposal about a week ago, […]<\/p>\n","protected":false},"author":10772,"featured_media":12891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[3198],"class_list":{"0":"post-12890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"tag-s"},"_links":{"self":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/12890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/users\/10772"}],"replies":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12890"}],"version-history":[{"count":1,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/12890\/revisions"}],"predecessor-version":[{"id":12892,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/posts\/12890\/revisions\/12892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=\/wp\/v2\/media\/12891"}],"wp:attachment":[{"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thetimesfinancial.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Stock under pressure amid consumer slowdown<\/h2>\n\n\n\n
Industry shakeups as Pizza Hut faces review<\/h2>\n\n\n\n