Global alternative asset management firm Apollo Global has withdrawn its proposal to take Papa John’s private at $64 per share, Reuters reported, citing sources.

According to those sources, the company abandoned the bid around the end of October 2025, amid signs of weakening consumer spending and early strains in the quick-service restaurant (QSR) sector.

The sources spoke on condition of anonymity because the discussions were private.

Requests for comment to Apollo and Papa John’s were not immediately returned.

Earlier in 2025, Apollo and Irth Capital Management had put forward a joint offer of just over $60 per share. Apollo later tabled a solo offer in early October.

At that time, the news agency reported that many activist investors are expressing interest in the pizza firm.

Papa John’s is due to report its third-quarter results on 6 November.

In the second quarter of 2025, the company reported sales of $529.2m, up 4% from the same quarter last year.

However, net income fell nearly 23% year-on-year to $9.7m.

The performance was hit by higher general and administrative expenses from marketing and loyalty programme investments. An increase in management incentive compensation as well as higher food and labour costs at company-owned restaurants also affected the performance.

Co-headquartered in Atlanta, Georgia, and Louisville, Kentucky, Papa John’s operates nearly 6,000 restaurants across about 50 countries and territories.