Hedge fund manager Irenic Capital Management has accumulated a stake in Papa John’s during the third quarter (Q3) of 2025, as reported by Reuters.

The size of Irenic’s holding was not disclosed.

While new stakes by activist hedge funds frequently foreshadow efforts to push management towards strategic alternatives, it remains unclear what specific changes, if any, Irenic plans to pursue at the pizza chain.

Irenic declined to speak on the matter, and Papa John’s did not respond to enquiries.

Holdings are typically disclosed publicly when fund managers file Form 13F with the US Securities and Exchange Commission, which lists ownership in US-listed companies for the relevant quarter.

Several suitors had been eyeing Papa John’s for months.

In June 2025, Apollo and Irth Capital Management put forward a joint offer of just over $60 per share for Papa John’s.

Apollo tabled a solo offer of $64 per share in October to take the pizza chain private, but withdrew the offer in early November.

These moves come as US consumers scale back spending at fast-food chains.

Papa John’s CEO Todd Penegor stated on early November's quarterly call that, with no buyout offer outstanding, the board would review any proposals while continuing to pursue the company’s existing strategy.

Irenic was established by Adam Katz, formerly of Elliott Investment Management, and Andy Dodge, formerly of Indaba Capital Management.

The company has been involved in transactions such as take-privates and activist engagements at Arconic, Barnes and Couchbase, and has engaged with News Corp and Theravance Biopharma.