Apollo Global Management has offered a new proposal to acquire pizza chain Papa John’s International private at $64 per share, as reported by Reuters.

The situation remains fluid and that no agreement is guaranteed.

In June 2025, Apollo put forward a joint bid of just over $60 per share with Irth Capital Management.

Several activist investors are also showing interest in the pizza company.

Neither Papa John’s nor Apollo Global Management provided a comment to Reuters.

The pizza chain has a market capitalisation of $1.6bn.

For the second quarter ended 29 June, the company reported revenues of $529.2m, up 4% year‑on‑year, while net income fell 23% to $9.7m.

Papa John’s was established in 1984 and is co‑headquartered in the US in Atlanta, Georgia and Louisville, Kentucky. 

It operates 6,000 outlets in 50 countries and territories.

The brand recently re‑entered the Indian market after an eight‑year hiatus since 2017.

Set to be run by master franchisee PJP Foods India - a joint venture between Ambrosia QSR and PJP Investments Group - Papa Johns India has opened four outlets in Bengaluru with plans for wider expansion.

In March 2025, the pizza chain completed an amended and restated credit agreement that extends its $600m revolving credit facility for a further five years, moving the facility’s maturity to 2030 abd strengthening its financial position.